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Wafer Works swings to loss in Q1

Wafer Works Corp. said its first-quarter normalized net income came to a loss of 7 Taiwan cents per share, compared with 3 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$29.9 million, compared with income of NT$11.8 million in the prior-year period.

The normalized profit margin declined to negative 2.1% from 0.9% in the year-earlier period.

Total revenue increased 7.0% year over year to NT$1.41 billion from NT$1.32 billion, and total operating expenses rose 8.2% on an annual basis to NT$1.40 billion from NT$1.29 billion.

Reported net income came to a loss of NT$79.8 million, or a loss of 18 cents per share, compared to income of NT$19.2 million, or 5 cents per share, in the prior-year period.

As of May 12, US$1 was equivalent to NT$32.56.