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HannStar Display swings to loss in Q1

HannStar Display Corp. said its normalized net income for the first quarter came to a loss of 18 Taiwan cents per share, compared with 4 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$575.9 million, compared with income of NT$116.1 million in the prior-year period.

The normalized profit margin fell to negative 16.0% from 2.2% in the year-earlier period.

Total revenue fell 32.0% on an annual basis to NT$3.60 billion from NT$5.29 billion, and total operating expenses fell 14.3% on an annual basis to NT$4.38 billion from NT$5.11 billion.

Reported net income came to a loss of NT$905.5 million, or a loss of 28 cents per share, compared to income of NT$694.7 million, or 21 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$32.68.