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Microtek International swings to loss in Q1

Microtek International Inc. said its first-quarter normalized net income was a loss of 3 Taiwan cents per share, compared with 6 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 a loss of NT$5.4 million, compared with income of NT$11.3 million in the year-earlier period.

The normalized profit margin declined to negative 7.0% from 5.7% in the year-earlier period.

Total revenue fell 17.4% year over year to NT$163.1 million from NT$197.5 million, and total operating expenses fell 7.4% year over year to NT$186.9 million from NT$201.9 million.

Reported net income increased from the prior-year period to NT$388.1 million, or NT$1.91 per share, from NT$26.6 million, or 13 cents per share.

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