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Darwin Precisions swings to loss in Q1

Darwin Precisions Corp. said its normalized net income for the first quarter was a loss of 4 Taiwan cents per share, compared with 20 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$28.5 million, compared with income of NT$147.9 million in the year-earlier period.

The normalized profit margin dropped to negative 0.4% from 1.3% in the year-earlier period.

Total revenue declined 31.6% on an annual basis to NT$7.51 billion from NT$10.99 billion, and total operating expenses fell 29.8% from the prior-year period to NT$7.59 billion from NT$10.81 billion.

Reported net income came to a loss of NT$74.1 million, or a loss of 10 cents per share, compared to income of NT$150.2 million, or 20 cents per share, in the year-earlier period.

As of May 6, US$1 was equivalent to NT$32.39.