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Jiin Ming Industry swings to loss in Q1

Jiin Ming Industry Co. Ltd. said its normalized net income for the first quarter came to a loss of NT$23.7 million, compared with income of NT$240,000 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 10.6% from 0.0% in the year-earlier period.

Total revenue decreased 53.6% on an annual basis to NT$223.8 million from NT$482.4 million, and total operating expenses declined 46.8% on an annual basis to NT$254.6 million from NT$478.3 million.

Reported net income came to a loss of NT$33.4 million, or a loss of 31 cents per share, compared to a loss of NT$7.5 million, or a loss of 7 cents per share, in the prior-year period.

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