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Kuen Chaang Uppertech swings to loss in Q1

Kuen Chaang Uppertech Corp. said its normalized net income for the first quarter amounted to a loss of 4 Taiwan cents per share, compared with 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$5.3 million, compared with income of NT$4.1 million in the year-earlier period.

The normalized profit margin declined to negative 0.3% from 0.2% in the year-earlier period.

Total revenue decreased 23.9% year over year to NT$1.64 billion from NT$2.16 billion, and total operating expenses declined 23.4% year over year to NT$1.64 billion from NT$2.15 billion.

Reported net income came to a loss of NT$7.1 million, or a loss of 6 cents per share, compared to income of NT$3.5 million, or 3 cents per share, in the year-earlier period.

As of May 13, US$1 was equivalent to NT$32.68.