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Li Kang Biomedical swings to profit in Q1

Li Kang Biomedical Co. Ltd. said its first-quarter normalized net income amounted to 22 Taiwan cents per share, compared with a loss of 98 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 NT$4.9 million, compared with a loss of NT$5.9 million in the year-earlier period.

The normalized profit margin climbed to 5.1% from negative 12.6% in the year-earlier period.

Total revenue rose year over year to NT$96.2 million from NT$46.3 million, and total operating expenses climbed 58.2% year over year to NT$88.5 million from NT$56.0 million.

Reported net income came to NT$7.8 million, or 35 cents per share, compared to a loss of NT$9.4 million, or a loss of NT$1.57 per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$30.62.