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Lung Hwa Electronics swings to loss in Q4

Lung Hwa Electronics Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 39 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$11.7 million, compared with income of NT$1.8 million in the year-earlier period.

Total revenue decreased year over year to NT$2.0 million from NT$2.1 million, and total operating expenses increased 35.9% on an annual basis to NT$12.5 million from NT$9.2 million.

Reported net income totaled a loss of NT$19.7 million, or a loss of 66 cents per share, compared to income of NT$2.6 million, or 9 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 54 cents per share, compared with 15 cents per share in the prior year.

Normalized net income was a loss of NT$16.2 million, compared with income of NT$4.4 million in the prior year.

Full-year total revenue declined 91.3% on an annual basis to NT$4.5 million from NT$51.4 million, and total operating expenses fell 42.2% on an annual basis to NT$33.6 million from NT$58.1 million.

The company said reported net income came to a loss of NT$26.8 million, or a loss of 89 cents per share, in the full year, compared with a loss of NT$6.3 million, or a loss of 21 cents per share, the prior year.

As of March 30, US$1 was equivalent to NT$32.18.