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Lung Hwa Electronics Q1 loss widens YOY

Lung Hwa Electronics Co. Ltd. said its first-quarter normalized net income amounted to a loss of 20 Taiwan cents per share, compared with a loss of 2 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$6.1 million, compared with a loss of NT$538,130 in the prior-year period.

Total revenue fell 86.5% year over year to NT$1.5 million from NT$11.1 million, and total operating expenses declined 42.6% year over year to NT$7.4 million from NT$12.9 million.

Reported net income came to a loss of NT$9.8 million, or a loss of 33 cents per share, compared to a loss of NT$13.6 million, or a loss of 45 cents per share, in the prior-year period.

As of May 15, US$1 was equivalent to NT$30.44.