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Sumagh High Tech Q1 loss widens 88.7% YOY

Sumagh High Tech Corp. said its first-quarter normalized net income was a loss of 40 Taiwan cents per share, compared with a loss of 21 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$6.4 million, compared with a loss of NT$3.4 million in the year-earlier period.

The normalized profit margin fell to negative 13.3% from negative 7.7% in the year-earlier period.

Total revenue rose 9.1% on an annual basis to NT$48.4 million from NT$44.4 million, and total operating expenses came to NT$68.1 million, compared with NT$67.7 million in the prior-year period.

Reported net income came to a loss of NT$14.4 million, or a loss of 90 cents per share, compared to a loss of NT$10.6 million, or a loss of 66 cents per share, in the year-earlier period.

As of May 15, US$1 was equivalent to NT$30.44.