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Sumagh High Tech Q3 loss widens 51.1% YOY

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Sumagh High Tech Q3 loss widens 51.1% YOY

Sumagh High Tech Corp. said its normalized net income for the third quarter came to a loss of 31 Taiwan cents per share, compared with a loss of 21 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$5.0 million, compared with a loss of NT$3.3 million in the prior-year period.

The normalized profit margin declined to negative 8.5% from negative 5.9% in the year-earlier period.

Total revenue grew on an annual basis to NT$59.1 million from NT$56.4 million, and total operating expenses fell from the prior-year period to NT$79.6 million from NT$81.1 million.

Reported net income came to a loss of NT$8.3 million, or a loss of 52 cents per share, compared to a loss of NT$10.9 million, or a loss of 68 cents per share, in the year-earlier period.

As of Nov. 16, US$1 was equivalent to NT$32.83.