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Taiwan Calsonic swings to loss in Q1

Taiwan Calsonic Co. Ltd. said its first-quarter normalized net income was a loss of 6 Taiwan cents per share, compared with 6 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$3.8 million, compared with income of NT$4.2 million in the prior-year period.

The normalized profit margin declined to negative 1.3% from 1.2% in the year-earlier period.

Total revenue decreased 18.0% on an annual basis to NT$280.2 million from NT$341.6 million, and total operating expenses decreased 11.4% from the prior-year period to NT$298.1 million from NT$336.6 million.

Reported net income totaled a loss of NT$14.5 million, or a loss of 23 cents per share, compared to income of NT$14.5 million, or 21 cents per share, in the year-earlier period.

As of May 15, US$1 was equivalent to NT$30.44.