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Redhorse Q1 profit climbs YOY

Redhorse Corp. said its normalized net income for the first quarter amounted to 57 Taiwan cents per share, a gain from 12 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 NT$26.4 million, a gain from NT$5.2 million in the prior-year period.

The normalized profit margin rose to 2.3% from 0.7% in the year-earlier period.

Total revenue rose 62.6% year over year to NT$1.15 billion from NT$704.7 million, and total operating expenses increased 59.8% on an annual basis to NT$1.12 billion from NT$700.2 million.

Reported net income rose year over year to NT$24.9 million, or 54 cents per share, from NT$6.4 million, or 15 cents per share.

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