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Chi Cheng Enterprise swings to loss in Q1

Chi Cheng Enterprise Co. Ltd. said its first-quarter normalized net income amounted to a loss of 75 Taiwan cents per share, compared with 95 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$81.9 million, compared with income of NT$104.1 million in the year-earlier period.

The normalized profit margin dropped to negative 20.0% from 6.5% in the year-earlier period.

Total revenue decreased 74.1% year over year to NT$410.7 million from NT$1.59 billion, and total operating expenses decreased 64.1% from the prior-year period to NT$489.3 million from NT$1.36 billion.

Reported net income came to a loss of NT$137.7 million, or a loss of NT$1.26 per share, compared to income of NT$148.6 million, or NT$1.36 per share, in the prior-year period.

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