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NUUO Inc. swings to loss in Q1

NUUO Inc. said its normalized net income for the first quarter came to a loss of 59 Taiwan cents per share, compared with 4 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 a loss of NT$13.1 million, compared with income of NT$799,380 in the prior-year period.

The normalized profit margin fell to negative 15.2% from 0.8% in the year-earlier period.

Total revenue decreased 16.0% year over year to NT$86.0 million from NT$102.4 million, and total operating expenses rose 9.1% on an annual basis to NT$105.9 million from NT$97.1 million.

Reported net income came to a loss of NT$21.7 million, or a loss of 98 cents per share, compared to income of NT$1.1 million, or 5 cents per share, in the year-earlier period.

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