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Her Chee Industrial swings to profit in Q1

Her Chee Industrial Co. Ltd. said its first-quarter normalized net income was 5 Taiwan cents per share, compared with a loss of 12 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$3.9 million, compared with a loss of NT$9.0 million in the year-earlier period.

The normalized profit margin increased to 3.1% from negative 11.0% in the year-earlier period.

Total revenue increased 56.7% year over year to NT$127.8 million from NT$81.6 million, and total operating expenses climbed 57.9% on an annual basis to NT$121.9 million from NT$77.2 million.

Reported net income came to NT$5.8 million, or 8 cents per share, compared to a loss of NT$10.8 million, or a loss of 15 cents per share, in the prior-year period.

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