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Phonic Corp. swings to loss in Q1

Phonic Corp. said its normalized net income for the first quarter amounted to a loss of 38 Taiwan cents per share, compared with 5 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$10.9 million, compared with income of NT$1.5 million in the year-earlier period.

The normalized profit margin dropped to negative 18.9% from 2.1% in the year-earlier period.

Total revenue decreased 20.8% on an annual basis to NT$57.8 million from NT$72.9 million, and total operating expenses decreased from the prior-year period to NT$76.7 million from NT$78.7 million.

Reported net income totaled a loss of NT$17.3 million, or a loss of 60 cents per share, compared to income of NT$1.3 million, or 5 cents per share, in the year-earlier period.

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