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Shinkong Textile Q1 loss widens YOY

Shinkong Textile Co. Ltd. said its first-quarter normalized net income was a loss of 6 Taiwan cents per share, compared with a loss of 2 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$17.0 million, compared with a loss of NT$7.3 million in the prior-year period.

The normalized profit margin dropped to negative 6.4% from negative 2.7% in the year-earlier period.

Total revenue decreased on an annual basis to NT$265.8 million from NT$273.4 million, and total operating expenses rose on an annual basis to NT$288.6 million from NT$282.3 million.

Reported net income came to a loss of NT$26.9 million, or a loss of 9 cents per share, compared to a loss of NT$12.0 million, or a loss of 4 cents per share, in the prior-year period.

As of May 15, US$1 was equivalent to NT$30.44.