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Jazz Hipster swings to loss in Q1

Jazz Hipster Corp. said its first-quarter normalized net income was a loss of 3 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$1.9 million, compared with income of NT$8.1 million in the prior-year period.

The normalized profit margin dropped to negative 0.8% from 2.8% in the year-earlier period.

Total revenue decreased 14.2% on an annual basis to NT$246.4 million from NT$287.0 million, and total operating expenses declined 9.2% from the prior-year period to NT$253.1 million from NT$278.8 million.

Reported net income came to a loss of NT$6.2 million, or a loss of 10 cents per share, compared to income of NT$13.7 million, or 23 cents per share, in the year-earlier period.

As of May 12, US$1 was equivalent to NT$32.56.