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Gia-Tzoong Enterprise swings to loss in Q1

Gia-Tzoong Enterprise Co. Ltd. said its normalized net income for the first quarter came to a loss of 12 Taiwan cents per share, compared with 9 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$19.7 million, compared with income of NT$15.8 million in the year-earlier period.

The normalized profit margin fell to negative 7.3% from 4.1% in the year-earlier period.

Total revenue declined 29.6% on an annual basis to NT$271.1 million from NT$385.2 million, and total operating expenses declined 16.9% year over year to NT$296.2 million from NT$356.4 million.

Reported net income totaled a loss of NT$31.6 million, or a loss of 19 cents per share, compared to income of NT$20.9 million, or 12 cents per share, in the prior-year period.

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