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Sumagh High Tech Q2 loss widens 31.4% YOY

Sumagh High Tech Corp. said its second-quarter normalized net income was a loss of 41 Taiwan cents per share, compared with a loss of 31 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$6.6 million, compared with a loss of NT$5.0 million in the prior-year period.

The normalized profit margin fell to negative 12.0% from negative 8.4% in the year-earlier period.

Total revenue fell 8.2% on an annual basis to NT$54.6 million from NT$59.5 million, and total operating expenses fell 12.9% from the prior-year period to NT$69.3 million from NT$79.6 million.

Reported net income came to a loss of NT$15.0 million, or a loss of 94 cents per share, compared to a loss of NT$15.0 million, or a loss of 94 cents per share, in the prior-year period.

As of Aug. 15, US$1 was equivalent to NT$31.33.