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Carnival Industrial swings to loss in Q1

Carnival Industrial Corp. said its first-quarter normalized net income came to a loss of 16 Taiwan cents per share, compared with 12 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$60.9 million, compared with income of NT$45.9 million in the prior-year period.

The normalized profit margin fell to negative 6.5% from 5.2% in the year-earlier period.

Total revenue grew 6.7% year over year to NT$938.8 million from NT$880.1 million, and total operating expenses increased 13.3% from the prior-year period to NT$1.03 billion from NT$908.1 million.

Reported net income came to a loss of NT$93.1 million, or a loss of 25 cents per share, compared to income of NT$85.8 million, or 23 cents per share, in the year-earlier period.

As of May 14, US$1 was equivalent to NT$30.54.