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Unitech Electronics swings to loss in Q1

Unitech Electronics Co. Ltd. said its first-quarter normalized net income amounted to a loss of 17 Taiwan cents per share, compared with 8 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$7.8 million, compared with income of NT$4.0 million in the year-earlier period.

The normalized profit margin declined to negative 1.7% from 0.8% in the year-earlier period.

Total revenue declined 5.5% on an annual basis to NT$448.7 million from NT$474.8 million, and total operating expenses decreased on an annual basis to NT$461.6 million from NT$467.6 million.

Reported net income totaled a loss of NT$7.5 million, or a loss of 16 cents per share, compared to income of NT$7.0 million, or 15 cents per share, in the year-earlier period.

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