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CMC Magnetics Q1 loss narrows YOY

CMC Magnetics Corp. said its first-quarter normalized net income was a loss of 11 Taiwan cents per share, compared with a loss of 13 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$224.7 million, compared with a loss of NT$276.1 million in the prior-year period.

The normalized profit margin declined to negative 8.1% from negative 7.9% in the year-earlier period.

Total revenue declined 19.8% on an annual basis to NT$2.80 billion from NT$3.49 billion, and total operating expenses decreased 20.0% on an annual basis to NT$3.12 billion from NT$3.90 billion.

Reported net income came to a loss of NT$388.0 million, or a loss of 19 cents per share, compared to a loss of NT$453.1 million, or a loss of 21 cents per share, in the year-earlier period.

As of May 16, US$1 was equivalent to NT$32.63.