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PROMISE Technology swings to loss in Q1

PROMISE Technology Inc. said its first-quarter normalized net income amounted to a loss of 20 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 7 cents per share.

The per-share result swung to a loss from the prior-year profit of 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$32.4 million, compared with income of NT$47.5 million in the year-earlier period.

The normalized profit margin fell to negative 5.1% from 5.4% in the year-earlier period.

Total revenue fell 28.4% year over year to NT$629.6 million from NT$879.6 million, and total operating expenses decreased 15.7% on an annual basis to NT$672.2 million from NT$796.9 million.

Reported net income came to a loss of NT$54.8 million, or a loss of 34 cents per share, compared to income of NT$50.9 million, or 31 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$32.68.