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Uniflex Technology swings to loss in Q1

Uniflex Technology Inc. said its first-quarter normalized net income came to a loss of 33 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 10 cents per share.

The per-share result swung to a loss from the prior-year profit of 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$29.1 million, compared with income of NT$56.0 million in the year-earlier period.

The normalized profit margin dropped to negative 4.9% from 6.1% in the year-earlier period.

Total revenue declined 34.9% year over year to NT$595.1 million from NT$914.7 million, and total operating expenses declined 22.8% on an annual basis to NT$632.5 million from NT$818.9 million.

Reported net income came to a loss of NT$48.1 million, or a loss of 54 cents per share, compared to income of NT$81.2 million, or NT$1 per share, in the year-earlier period.

As of May 10, US$1 was equivalent to NT$32.55.