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FAVITE swings to loss in Q1

Favite Inc. said its normalized net income for the first quarter amounted to a loss of 15 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 13 cents per share.

The per-share result swung to a loss from the prior-year profit of 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$12.1 million, compared with income of NT$5.0 million in the year-earlier period.

The normalized profit margin declined to negative 5.2% from 1.6% in the year-earlier period.

Total revenue decreased 24.8% on an annual basis to NT$232.8 million from NT$309.6 million, and total operating expenses declined 17.6% year over year to NT$244.2 million from NT$296.2 million.

Reported net income totaled a loss of NT$19.6 million, or a loss of 25 cents per share, compared to income of NT$9.1 million, or 10 cents per share, in the year-earlier period.

As of May 16, US$1 was equivalent to NT$32.63.