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Forward Electronics Q1 loss widens 99.8% YOY

Forward Electronics Co. Ltd. said its first-quarter normalized net income was a loss of 15 Taiwan cents per share, compared with a loss of 7 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$23.3 million, compared with a loss of NT$11.6 million in the year-earlier period.

The normalized profit margin declined to negative 6.9% from negative 2.6% in the year-earlier period.

Total revenue fell 25.8% year over year to NT$337.8 million from NT$455.1 million, and total operating expenses decreased 21.8% year over year to NT$369.9 million from NT$472.8 million.

Reported net income came to a loss of NT$57.0 million, or a loss of 36 cents per share, compared to a loss of NT$18.6 million, or a loss of 12 cents per share, in the prior-year period.

As of May 12, US$1 was equivalent to NT$32.56.