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Globalsat Worldcom swings to profit in Q1

Globalsat Worldcom Corp. said its first-quarter normalized net income amounted to NT$382,500, compared with a loss of NT$18.9 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.3% from negative 23.2% in the year-earlier period.

Total revenue climbed 58.8% year over year to NT$129.5 million from NT$81.5 million, and total operating expenses rose 16.9% on an annual basis to NT$131.3 million from NT$112.3 million.

Reported net income totaled NT$321,000, or 1 cents per share, compared to a loss of NT$28.4 million, or a loss of 52 cents per share, in the prior-year period.

As of May 15, US$1 was equivalent to NT$30.44.