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Taiwan IC Packaging swings to loss in Q1

Taiwan IC Packaging Corp. said its first-quarter normalized net income amounted to a loss of 10 Taiwan cents per share, compared with 2 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$42.7 million, compared with income of NT$9.4 million in the prior-year period.

The normalized profit margin dropped to negative 9.5% from 1.8% in the year-earlier period.

Total revenue decreased 14.9% year over year to NT$448.8 million from NT$527.2 million, and total operating expenses declined year over year to NT$495.9 million from NT$504.4 million.

Reported net income totaled a loss of NT$68.4 million, or a loss of 17 cents per share, compared to income of NT$15.1 million, or 4 cents per share, in the year-earlier period.

As of April 28, US$1 was equivalent to NT$32.27.