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Speed Tech swings to loss in Q1

Speed Tech Corp. said its first-quarter normalized net income amounted to a loss of 10 Taiwan cents per share, compared with 13 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 a loss of NT$17.5 million, compared with income of NT$21.6 million in the prior-year period.

The normalized profit margin fell to negative 3.0% from 4.0% in the year-earlier period.

Total revenue climbed 7.9% year over year to NT$580.8 million from NT$538.1 million, and total operating expenses increased 13.3% from the prior-year period to NT$571.0 million from NT$504.0 million.

Reported net income totaled a loss of NT$18.5 million, or a loss of 11 cents per share, compared to income of NT$31.9 million, or 19 cents per share, in the year-earlier period.

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