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Airmate International swings to profit in Q1

Airmate (Cayman) International Co Ltd. said its first-quarter normalized net income was 12 Taiwan cents per share, compared with a loss of NT$1.32 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$14.2 million, compared with a loss of NT$162.1 million in the prior-year period.

The normalized profit margin rose to 0.5% from negative 5.7% in the year-earlier period.

Total revenue grew on an annual basis to NT$2.96 billion from NT$2.82 billion, and total operating expenses came to NT$2.91 billion, compared with NT$2.90 billion in the prior-year period.

Reported net income came to NT$7.2 million, or 6 cents per share, compared to a loss of NT$237.1 million, or a loss of NT$1.93 per share, in the year-earlier period.

As of May 5, US$1 was equivalent to NT$30.68.