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AVY Precision Technology Q1 loss narrows YOY

AVY Precision Technology INC. said its normalized net income for the first quarter came to a loss of 7 Taiwan cents per share, compared with a loss of 19 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$9.0 million, compared with a loss of NT$20.4 million in the prior-year period.

The normalized profit margin increased to negative 0.6% from negative 2.2% in the year-earlier period.

Total revenue climbed 67.7% year over year to NT$1.54 billion from NT$916.2 million, and total operating expenses grew 53.1% on an annual basis to NT$1.50 billion from NT$981.0 million.

Reported net income grew 69.6% on an annual basis to NT$63.9 million, or 48 cents per share, from NT$37.7 million, or 36 cents per share.

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