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Dafeng TV swings to loss in Q1

Dafeng TV Ltd. said its first-quarter normalized net income came to a loss of 24 Taiwan cents per share, compared with 47 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$36.2 million, compared with income of NT$81.8 million in the year-earlier period.

The normalized profit margin fell to negative 8.5% from 20.0% in the year-earlier period.

Total revenue climbed year over year to NT$423.3 million from NT$409.4 million, and total operating expenses increased 81.9% from the prior-year period to NT$484.2 million from NT$266.2 million.

Reported net income came to a loss of NT$86.6 million, or a loss of 58 cents per share, compared to income of NT$108.0 million, or 62 cents per share, in the year-earlier period.

As of April 25, US$1 was equivalent to NT$32.33.