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Lily Textile Q1 loss widens YOY

Lily Textile Co. Ltd. said its first-quarter normalized net income was a loss of 22 Taiwan cents per share, compared with a loss of 6 cents 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$30.1 million, compared with a loss of NT$8.3 million in the year-earlier period.

The normalized profit margin declined to negative 11.0% from negative 2.2% in the year-earlier period.

Total revenue fell 27.6% on an annual basis to NT$273.8 million from NT$378.0 million, and total operating expenses decreased 29.2% year over year to NT$326.2 million from NT$460.9 million.

Reported net income totaled a loss of NT$65.1 million, or a loss of 48 cents per share, compared to a loss of NT$29.4 million, or a loss of 22 cents per share, in the year-earlier period.

As of May 14, US$1 was equivalent to NT$30.54.