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Vate Technology Q1 loss widens 42.7% YOY

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Vate Technology Q1 loss widens 42.7% YOY

Vate Technology Co. Ltd. said its normalized net income for the first quarter amounted to a loss of 9 Taiwan cents per share, compared with a loss of 6 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$7.2 million, compared with a loss of NT$5.1 million in the year-earlier period.

The normalized profit margin declined to negative 20.3% from negative 15.7% in the year-earlier period.

Total revenue climbed 10.7% on an annual basis to NT$35.7 million from NT$32.3 million, and total operating expenses rose 13.3% from the prior-year period to NT$47.9 million from NT$42.3 million.

Reported net income came to NT$446,000, or 1 cents per share, compared to a loss of NT$8.1 million, or a loss of 10 cents per share, in the prior-year period.

As of May 16, US$1 was equivalent to NT$32.63.