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Sumagh High Tech Q1 loss widens 7.1% YOY

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Sumagh High Tech Q1 loss widens 7.1% YOY

Sumagh High Tech Corp. said its first-quarter normalized net income amounted to a loss of 43 Taiwan cents per share, compared with a loss of 40 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$6.9 million, compared with a loss of NT$6.4 million in the year-earlier period.

The normalized profit margin declined to negative 14.8% from negative 13.3% in the year-earlier period.

Total revenue decreased year over year to NT$46.6 million from NT$48.4 million, and total operating expenses declined 9.8% on an annual basis to NT$61.4 million from NT$68.1 million.

Reported net income came to a loss of NT$8.7 million, or a loss of 55 cents per share, compared to a loss of NT$14.4 million, or a loss of 90 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$32.68.