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KYE Systems swings to loss in Q1

KYE Systems Corp. said its normalized net income for the first quarter came to a loss of 5 Taiwan cents per share, compared with 4 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$14.6 million, compared with income of NT$12.0 million in the year-earlier period.

The normalized profit margin dropped to negative 1.6% from 0.8% in the year-earlier period.

Total revenue declined 42.4% on an annual basis to NT$882.5 million from NT$1.53 billion, and total operating expenses declined 40.0% from the prior-year period to NT$905.3 million from NT$1.51 billion.

Reported net income came to a loss of NT$28.5 million, or a loss of 10 cents per share, compared to income of NT$21.1 million, or 7 cents per share, in the year-earlier period.

As of May 11, US$1 was equivalent to NT$32.52.