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Etron Technology swings to loss in Q1

Etron Technology Inc. said its first-quarter normalized net income was a loss of 12 Taiwan cents per share, compared with 2 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$53.9 million, compared with income of NT$10.0 million in the year-earlier period.

The normalized profit margin declined to negative 3.0% from 0.5% in the year-earlier period.

Total revenue fell 13.1% on an annual basis to NT$1.70 billion from NT$1.95 billion, and total operating expenses fell 9.0% on an annual basis to NT$1.77 billion from NT$1.94 billion.

Reported net income totaled a loss of NT$67.5 million, or a loss of 16 cents per share, compared to income of NT$21.8 million, or 5 cents per share, in the prior-year period.

As of May 16, US$1 was equivalent to NT$32.63.