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Associated Industries China Q1 loss narrows YOY

Associated Industries China Inc. said its first-quarter normalized net income was a loss of 9 Taiwan cents per share, compared with a loss of 30 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$4.8 million, compared with a loss of NT$15.9 million in the prior-year period.

The normalized profit margin climbed to negative 2.6% from negative 9.7% in the year-earlier period.

Total revenue rose 13.8% on an annual basis to NT$187.1 million from NT$164.4 million, and total operating expenses increased 6.5% from the prior-year period to NT$194.5 million from NT$182.7 million.

Reported net income came to a loss of NT$8.7 million, or a loss of 17 cents per share, compared to a loss of NT$24.5 million, or a loss of 47 cents per share, in the year-earlier period.

As of May 11, US$1 was equivalent to NT$32.52.