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O-TA Precision Industry swings to profit in Q1

O-TA Precision Industry Co. Ltd. said its normalized net income for the first quarter amounted to 20 Taiwan cents per share, compared with a loss of 18 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$24.2 million, compared with a loss of NT$22.1 million in the year-earlier period.

The normalized profit margin climbed to 2.1% from negative 2.1% in the year-earlier period.

Total revenue increased 7.6% year over year to NT$1.16 billion from NT$1.08 billion, and total operating expenses grew 10.3% on an annual basis to NT$1.13 billion from NT$1.03 billion.

Reported net income totaled NT$38.1 million, or 31 cents per share, compared to a loss of NT$29.8 million, or a loss of 25 cents per share, in the year-earlier period.

As of May 14, US$1 was equivalent to NT$30.54.