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Young Fast Optoelectronics Q1 loss narrows YOY

Young Fast Optoelectronics Co. Ltd. said its first-quarter normalized net income was a loss of 14 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 66 cents per share.

The per-share loss decreased 82.6% year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$21.9 million, compared with a loss of NT$125.6 million in the prior-year period.

The normalized profit margin climbed to negative 5.0% from negative 14.8% in the year-earlier period.

Total revenue decreased 48.9% year over year to NT$434.4 million from NT$850.9 million, and total operating expenses decreased 53.3% from the prior-year period to NT$464.2 million from NT$994.0 million.

Reported net income came to a loss of NT$59.0 million, or a loss of 39 cents per share, compared to a loss of NT$206.8 million, or a loss of NT$1.37 per share, in the year-earlier period.

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