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Phonic Corp. Q1 loss widens 7.8% YOY

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Phonic Corp. Q1 loss widens 7.8% YOY

Phonic Corp. said its normalized net income for the first quarter was a loss of 41 Taiwan cents per share, compared with a loss of 38 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$11.8 million, compared with a loss of NT$10.9 million in the prior-year period.

The normalized profit margin fell to negative 29.5% from negative 18.9% in the year-earlier period.

Total revenue decreased 30.9% year over year to NT$39.9 million from NT$57.8 million, and total operating expenses fell 23.3% from the prior-year period to NT$58.8 million from NT$76.7 million.

Reported net income totaled a loss of NT$19.0 million, or a loss of 65 cents per share, compared to a loss of NT$17.3 million, or a loss of 60 cents per share, in the prior-year period.

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