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Altek Q1 profit falls YOY

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Altek Q1 profit falls YOY

Altek Corp. said its first-quarter normalized net income came to NT$2.6 million, a fall of 95.1% from NT$52.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 0.1% from 1.4% in the year-earlier period.

Total revenue declined 32.2% on an annual basis to NT$2.58 billion from NT$3.80 billion, and total operating expenses decreased 31.2% year over year to NT$2.60 billion from NT$3.78 billion.

Reported net income decreased 96.8% year over year to NT$2.7 million, or 1 cents per share, from NT$83.6 million, or 31 cents per share.

As of May 14, US$1 was equivalent to NT$30.54.