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Sumagh High Tech Q3 loss widens YOY

Sumagh High Tech Corp. said its normalized net income for the third quarter came to a loss of 63 Taiwan cents per share, compared with a loss of 31 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$10.1 million, compared with a loss of NT$5.0 million in the prior-year period.

The normalized profit margin fell to negative 27.0% from negative 8.5% in the year-earlier period.

Total revenue declined 36.8% year over year to NT$37.3 million from NT$59.1 million, and total operating expenses fell 29.6% from the prior-year period to NT$56.1 million from NT$79.6 million.

Reported net income came to a loss of NT$20.9 million, or a loss of NT$1.30 per share, compared to a loss of NT$8.3 million, or a loss of 52 cents per share, in the prior-year period.

As of Nov. 11, US$1 was equivalent to NT$31.93.