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Mutto Optronics Q1 loss widens 98.5% YOY

Mutto Optronics Corp. said its first-quarter normalized net income came to a loss of 32 Taiwan cents per share, compared with a loss of 14 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$15.7 million, compared with a loss of NT$7.9 million in the year-earlier period.

The normalized profit margin declined to negative 16.0% from negative 11.9% in the year-earlier period.

Total revenue climbed 48.0% on an annual basis to NT$98.4 million from NT$66.5 million, and total operating expenses climbed 52.3% year over year to NT$118.5 million from NT$77.8 million.

Reported net income came to NT$51.7 million, or NT$1.05 per share, compared to a loss of NT$9.2 million, or a loss of 16 cents per share, in the prior-year period.

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