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Kwang Ming Silk Mill swings to profit in Q1

Kwang Ming Silk Mill Co. Ltd. said its normalized net income for the first quarter was 15 Taiwan cents per share, compared with a loss of 9 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 NT$4.5 million, compared with a loss of NT$2.6 million in the year-earlier period.

The normalized profit margin increased to 5.5% from negative 2.7% in the year-earlier period.

Total revenue declined 16.2% on an annual basis to NT$81.9 million from NT$97.8 million, and total operating expenses fell 26.6% on an annual basis to NT$75.3 million from NT$102.7 million.

Reported net income came to NT$6.2 million, or 21 cents per share, compared to a loss of NT$2.4 million, or a loss of 8 cents per share, in the year-earlier period.

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