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Andes Technology swings to loss in Q1

Andes Technology Corp. said its first-quarter normalized net income came to a loss of 36 Taiwan cents per share, compared with 14 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$13.4 million, compared with income of NT$5.2 million in the year-earlier period.

The normalized profit margin dropped to negative 40.0% from 8.7% in the year-earlier period.

Total revenue declined 44.0% on an annual basis to NT$33.6 million from NT$60.0 million, and total operating expenses climbed 11.9% from the prior-year period to NT$57.7 million from NT$51.5 million.

Reported net income totaled a loss of NT$21.9 million, or a loss of 60 cents per share, compared to income of NT$7.4 million, or 20 cents per share, in the prior-year period.

As of June 29, US$1 was equivalent to NT$32.28.