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Young Optics swings to loss in Q1

Young Optics Inc. said its first-quarter normalized net income was a loss of 24 Taiwan cents per share, compared with 10 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$26.9 million, compared with income of NT$11.6 million in the prior-year period.

The normalized profit margin declined to negative 2.8% from 1.1% in the year-earlier period.

Total revenue fell 8.9% year over year to NT$957.0 million from NT$1.05 billion, and total operating expenses declined from the prior-year period to NT$1.00 billion from NT$1.06 billion.

Reported net income came to a loss of NT$67.3 million, or a loss of 59 cents per share, compared to income of NT$17.2 million, or 15 cents per share, in the year-earlier period.

As of April 25, US$1 was equivalent to NT$32.33.