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Roo Hsing swings to loss in Q1

Roo Hsing Co. Ltd said its normalized net income for the first quarter was a loss of 26 Taiwan cents per share, compared with 43 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$35.2 million, compared with income of NT$38.1 million in the year-earlier period.

The normalized profit margin dropped to negative 6.2% from 6.0% in the year-earlier period.

Total revenue declined year over year to NT$609.6 million from NT$636.3 million, and total operating expenses rose 11.9% from the prior-year period to NT$645.4 million from NT$576.5 million.

Reported net income totaled a loss of NT$53.9 million, or a loss of 40 cents per share, compared to income of NT$49.2 million, or 56 cents per share, in the prior-year period.

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