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Soaring Technology Q1 loss narrows YOY

Soaring Technology Co.Ltd. said its normalized net income for the first quarter amounted to a loss of 22 Taiwan cents per share, compared with a loss of 27 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$6.2 million, compared with a loss of NT$7.6 million in the prior-year period.

The normalized profit margin climbed to negative 9.2% from negative 31.8% in the year-earlier period.

Total revenue rose on an annual basis to NT$67.8 million from NT$23.9 million, and total operating expenses climbed year over year to NT$80.1 million from NT$38.6 million.

Reported net income came to a loss of NT$14.4 million, or a loss of 50 cents per share, compared to a loss of NT$13.5 million, or a loss of 48 cents per share, in the year-earlier period.

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