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I-Chiun Precision Industry Q1 loss widens YOY

I-Chiun Precision Industry Co. Ltd. said its first-quarter normalized net income was a loss of NT$28.4 million, compared with a loss of NT$446,880 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 2.6% from negative 0.0% in the year-earlier period.

Total revenue declined 25.3% year over year to NT$1.20 billion from NT$1.61 billion, and total operating expenses declined 24.3% from the prior-year period to NT$1.23 billion from NT$1.63 billion.

Reported net income totaled a loss of NT$32.3 million, or a loss of 16 cents per share, compared to a loss of NT$8.5 million, or a loss of 4 cents per share, in the prior-year period.

As of May 10, US$1 was equivalent to NT$32.55.