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Gold Circuit Electronics swings to loss in Q1

Gold Circuit Electronics Ltd. said its normalized net income for the first quarter was a loss of 24 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

The per-share result swung to a loss from the prior-year profit of 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$133.5 million, compared with income of NT$149.9 million in the year-earlier period.

The normalized profit margin dropped to negative 3.4% from 2.9% in the year-earlier period.

Total revenue fell 23.3% year over year to NT$3.95 billion from NT$5.15 billion, and total operating expenses fell 16.0% from the prior-year period to NT$4.07 billion from NT$4.85 billion.

Reported net income totaled a loss of NT$176.4 million, or a loss of 32 cents per share, compared to income of NT$249.1 million, or 45 cents per share, in the year-earlier period.

As of May 12, US$1 was equivalent to NT$32.56.