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Sunflex Tech swings to loss in Q1

Sunflex Tech Co. Ltd. said its first-quarter normalized net income came to a loss of 10 Taiwan cents per share, compared with 22 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$6.9 million, compared with income of NT$14.3 million in the year-earlier period.

The normalized profit margin dropped to negative 4.9% from 6.6% in the year-earlier period.

Total revenue fell 36.0% year over year to NT$139.6 million from NT$218.3 million, and total operating expenses fell 20.3% from the prior-year period to NT$151.4 million from NT$189.9 million.

Reported net income came to a loss of NT$9.9 million, or a loss of 15 cents per share, compared to income of NT$21.5 million, or 32 cents per share, in the year-earlier period.

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