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Wah Hong Industrial swings to loss in Q1

Wah Hong Industrial Corp. said its normalized net income for the first quarter came to a loss of 18 Taiwan cents per share, compared with 14 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$18.5 million, compared with income of NT$13.9 million in the year-earlier period.

The normalized profit margin declined to negative 0.9% from 0.6% in the year-earlier period.

Total revenue decreased 12.9% year over year to NT$2.08 billion from NT$2.39 billion, and total operating expenses fell 11.2% on an annual basis to NT$2.09 billion from NT$2.36 billion.

Reported net income totaled a loss of NT$47.0 million, or a loss of 47 cents per share, compared to income of NT$9.1 million, or 9 cents per share, in the year-earlier period.

As of May 17, US$1 was equivalent to NT$32.60.