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AGV Products Q2 loss narrows YOY

AGV Products Corp. said its second-quarter normalized net income was a loss of 7 Taiwan cents per share, compared with a loss of 11 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$36.5 million, compared with a loss of NT$53.0 million in the year-earlier period.

The normalized profit margin rose to negative 3.6% from negative 5.6% in the year-earlier period.

Total revenue increased 6.8% on an annual basis to NT$1.02 billion from NT$951.3 million, and total operating expenses rose on an annual basis to NT$1.03 billion from NT$986.9 million.

Reported net income came to a loss of NT$58.5 million, or a loss of 12 cents per share, compared to a loss of NT$69.7 million, or a loss of 16 cents per share, in the year-earlier period.

As of Aug. 15, US$1 was equivalent to NT$31.33.