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Tynsolar swings to loss in Q1

Tynsolar Corp. said its first-quarter normalized net income was a loss of 74 Taiwan cents per share, compared with 16 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$9.6 million, compared with income of NT$2.0 million in the year-earlier period.

The normalized profit margin dropped to negative 14.3% from 1.0% in the year-earlier period.

Total revenue declined 66.9% on an annual basis to NT$67.5 million from NT$203.9 million, and total operating expenses declined 58.1% from the prior-year period to NT$81.1 million from NT$193.4 million.

Reported net income totaled a loss of NT$15.4 million, or a loss of NT$1.18 per share, compared to income of NT$3.3 million, or 25 cents per share, in the year-earlier period.

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