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Fu Ta Material Technology Q1 loss widens 89.3% YOY

Fu Ta Material Technology Co. Ltd. said its normalized net income for the first quarter was a loss of 52 Taiwan cents per share, compared with a loss of 27 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$23.7 million, compared with a loss of NT$12.5 million in the prior-year period.

The normalized profit margin fell to negative 12.2% from negative 3.8% in the year-earlier period.

Total revenue fell 40.3% on an annual basis to NT$194.7 million from NT$326.2 million, and total operating expenses declined 34.8% from the prior-year period to NT$230.6 million from NT$353.7 million.

Reported net income came to a loss of NT$38.6 million, or a loss of 84 cents per share, compared to a loss of NT$23.0 million, or a loss of 50 cents per share, in the prior-year period.

As of May 14, US$1 was equivalent to NT$30.54.