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High-Tek Harness Enterprise Q1 loss widens 10.3% YOY

High-Tek Harness Enterprise Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 5 Taiwan cents per share, compared with a loss of 5 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$5.0 million, compared with a loss of NT$4.5 million in the prior-year period.

The normalized profit margin dropped to negative 1.0% from negative 0.9% in the year-earlier period.

Total revenue rose year over year to NT$494.9 million from NT$484.7 million, and total operating expenses climbed on an annual basis to NT$505.0 million from NT$500.0 million.

Reported net income came to a loss of NT$11.5 million, or a loss of 12 cents per share, compared to a loss of NT$9.4 million, or a loss of 10 cents per share, in the prior-year period.

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