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Tung Ho Textile swings to loss in Q1

Tung Ho Textile Co. Ltd. said its first-quarter normalized net income was a loss of 6 Taiwan cents per share, compared with 6 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$12.9 million, compared with income of NT$13.1 million in the year-earlier period.

The normalized profit margin fell to negative 4.3% from 4.0% in the year-earlier period.

Total revenue decreased 10.1% year over year to NT$297.0 million from NT$330.4 million, and total operating expenses came to NT$316.5 million, compared with NT$314.1 million in the year-earlier period.

Reported net income totaled a loss of NT$15.4 million, or a loss of 7 cents per share, compared to income of NT$22.0 million, or 10 cents per share, in the prior-year period.

As of April 23, US$1 was equivalent to NT$31.06.