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Right Way Industrial swings to profit in Q1

Right Way Industrial Co. Ltd. said its normalized net income for the first quarter amounted to 4 Taiwan cents per share, compared with a loss of 4 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 NT$5.5 million, compared with a loss of NT$4.4 million in the year-earlier period.

The normalized profit margin rose to 1.5% from negative 1.3% in the year-earlier period.

Total revenue climbed 14.1% year over year to NT$377.8 million from NT$331.0 million, and total operating expenses rose 6.4% from the prior-year period to NT$362.9 million from NT$341.0 million.

Reported net income came to NT$6.1 million, or 5 cents per share, compared to a loss of NT$7.3 million, or a loss of 6 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$30.62.