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Grand Hall Enterprise swings to profit in Q1

Grand Hall Enterprise Co. Ltd. said its normalized net income for the first quarter was 28 Taiwan cents per share, compared with a loss of 50 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 NT$6.6 million, compared with a loss of NT$11.7 million in the prior-year period.

The normalized profit margin rose to 1.1% from negative 2.0% in the year-earlier period.

Total revenue decreased on an annual basis to NT$578.8 million from NT$586.9 million, and total operating expenses fell 6.2% on an annual basis to NT$567.2 million from NT$604.6 million.

Reported net income totaled NT$6.0 million, or 25 cents per share, compared to a loss of NT$17.3 million, or a loss of 74 cents per share, in the prior-year period.

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