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Transystem Q1 loss widens 49.1% YOY

Transystem Inc. said its normalized net income for the first quarter came to a loss of 29 Taiwan cents per share, compared with a loss of 19 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$7.5 million, compared with a loss of NT$5.0 million in the year-earlier period.

The normalized profit margin declined to negative 21.4% from negative 9.5% in the year-earlier period.

Total revenue declined 33.5% year over year to NT$35.1 million from NT$52.8 million, and total operating expenses decreased 22.7% from the prior-year period to NT$46.7 million from NT$60.4 million.

Reported net income totaled a loss of NT$11.9 million, or a loss of 46 cents per share, compared to a loss of NT$8.0 million, or a loss of 31 cents per share, in the prior-year period.

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