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Higher Way Electronic Q1 loss widens 24.2% YOY

Higher Way Electronic Co. Ltd. said its normalized net income for the first quarter was a loss of 19 Taiwan cents per share, compared with a loss of 15 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$6.4 million, compared with a loss of NT$5.2 million in the prior-year period.

The normalized profit margin declined to negative 4.3% from negative 3.5% in the year-earlier period.

Total revenue totaled NT$147.8 million, compared with NT$147.5 million in the prior-year period, and total operating expenses rose on an annual basis to NT$160.2 million from NT$158.1 million.

Reported net income came to a loss of NT$12.9 million, or a loss of 39 cents per share, compared to a loss of NT$9.4 million, or a loss of 28 cents per share, in the prior-year period.

As of May 16, US$1 was equivalent to NT$32.63.