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Jhen Vei Electronic Q1 loss narrows YOY

Jhen Vei Electronic Co. Ltd. said its first-quarter normalized net income was a loss of 15 Taiwan cents per share, compared with a loss of 25 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$7.8 million, compared with a loss of NT$13.5 million in the prior-year period.

The normalized profit margin climbed to negative 6.5% from negative 9.5% in the year-earlier period.

Total revenue fell 15.2% on an annual basis to NT$120.3 million from NT$141.9 million, and total operating expenses declined 20.5% from the prior-year period to NT$126.4 million from NT$158.9 million.

Reported net income came to a loss of NT$11.3 million, or a loss of 21 cents per share, compared to a loss of NT$21.4 million, or a loss of 40 cents per share, in the prior-year period.

As of May 12, US$1 was equivalent to NT$32.56.