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Her Chee Industrial swings to loss in Q1

Her Chee Industrial Co. Ltd. said its normalized net income for the first quarter was a loss of 12 Taiwan cents per share, compared with 8 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$9.0 million, compared with income of NT$5.9 million in the year-earlier period.

The normalized profit margin declined to negative 11.0% from 5.4% in the year-earlier period.

Total revenue decreased 25.8% year over year to NT$81.6 million from NT$109.9 million, and total operating expenses declined 28.8% from the prior-year period to NT$77.2 million from NT$108.5 million.

Reported net income came to a loss of NT$10.8 million, or a loss of 15 cents per share, compared to income of NT$5.0 million, or 7 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$30.62.