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Shin Tai Industry swings to loss in Q1

Shin Tai Industry Co. Ltd. said its first-quarter normalized net income was a loss of 6 Taiwan cents per share, compared with 22 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$3.5 million, compared with income of NT$12.7 million in the prior-year period.

The normalized profit margin dropped to negative 15.7% from 33.7% in the year-earlier period.

Total revenue declined 40.7% on an annual basis to NT$22.3 million from NT$37.7 million, and total operating expenses declined 36.1% on an annual basis to NT$26.6 million from NT$41.6 million.

Reported net income totaled a loss of NT$192,000, or a loss of 0 cents per share, compared to income of NT$27.6 million, or 47 cents per share, in the prior-year period.

As of May 12, US$1 was equivalent to NT$30.75.