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Ability Enterprise swings to profit in Q1

Ability Enterprise Co. Ltd. said its first-quarter normalized net income was 6 Taiwan cents per share, compared with a loss of 30 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 NT$28.6 million, compared with a loss of NT$133.5 million in the prior-year period.

The normalized profit margin climbed to 0.6% from negative 2.6% in the year-earlier period.

Total revenue declined 9.4% on an annual basis to NT$4.65 billion from NT$5.13 billion, and total operating expenses decreased 11.2% year over year to NT$4.58 billion from NT$5.16 billion.

Reported net income totaled NT$123.2 million, or 26 cents per share, compared to a loss of NT$203.0 million, or a loss of 45 cents per share, in the prior-year period.

As of May 8, US$1 was equivalent to NT$30.70.