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Howteh Technology swings to loss in Q1

Howteh Technology Co. Ltd said its normalized net income for the first quarter was a loss of 19 Taiwan cents per share, compared with 15 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$9.7 million, compared with income of NT$7.7 million in the year-earlier period.

The normalized profit margin dropped to negative 2.8% from 1.6% in the year-earlier period.

Total revenue decreased 26.9% year over year to NT$344.9 million from NT$471.6 million, and total operating expenses declined 23.1% on an annual basis to NT$350.3 million from NT$455.4 million.

Reported net income totaled a loss of NT$13.5 million, or a loss of 27 cents per share, compared to income of NT$11.5 million, or 23 cents per share, in the year-earlier period.

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