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Insigma Technology Q1 loss narrows YOY

Insigma Technology Co. Ltd. said its first-quarter normalized net income amounted to a loss of 5.6 million yuan, compared with a loss of 15.2 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to negative 0.7% from negative 1.6% in the year-earlier period.

Total revenue decreased 27.9% year over year to 677.8 million yuan from 940.4 million yuan, and total operating expenses fell 27.7% year over year to 681.9 million yuan from 943.1 million yuan.

Reported net income totaled a loss of 14.1 million yuan, or a loss of 2 fen per share, compared to a loss of 23.5 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of April 27, US$1 was equivalent to 6.50 yuan.