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Mosel Vitelic Q1 loss narrows YOY

Mosel Vitelic Inc. said its normalized net income for the first quarter amounted to a loss of 45 Taiwan cents per share, compared with a loss of NT$2.59 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$33.5 million, compared with a loss of NT$194.7 million in the year-earlier period.

The normalized profit margin climbed to negative 10.1% from negative 50.4% in the year-earlier period.

Total revenue decreased 14.3% year over year to NT$331.1 million from NT$386.3 million, and total operating expenses fell 37.0% on an annual basis to NT$348.2 million from NT$552.3 million.

Reported net income totaled a loss of NT$98.0 million, or a loss of NT$1.30 per share, compared to a loss of NT$459.4 million, or a loss of NT$6.11 per share, in the year-earlier period.

As of May 16, US$1 was equivalent to NT$32.63.