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Ideal Bike swings to loss in Q2

Ideal Bike Corp. said its second-quarter normalized net income was a loss of 15 Taiwan cents per share, compared with 16 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$22.6 million, compared with income of NT$26.0 million in the year-earlier period.

The normalized profit margin dropped to negative 2.4% from 2.1% in the year-earlier period.

Total revenue decreased 23.9% on an annual basis to NT$958.0 million from NT$1.26 billion, and total operating expenses fell 21.8% from the prior-year period to NT$951.8 million from NT$1.22 billion.

Reported net income came to a loss of NT$46.7 million, or a loss of 31 cents per share, compared to income of NT$33.1 million, or 21 cents per share, in the year-earlier period.

As of Aug. 15, US$1 was equivalent to NT$31.33.