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Lung Hwa Electronics Q1 loss widens 38.1% YOY

Lung Hwa Electronics Co. Ltd. said its first-quarter normalized net income was a loss of 28 Taiwan cents per share, compared with a loss of 20 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$8.5 million, compared with a loss of NT$6.1 million in the year-earlier period.

Total revenue rose year over year to NT$1.5 million from NT$1.5 million, and total operating expenses declined 5.7% year over year to NT$7.0 million from NT$7.4 million.

Reported net income totaled a loss of NT$12.6 million, or a loss of 42 cents per share, compared to a loss of NT$9.8 million, or a loss of 33 cents per share, in the prior-year period.

As of May 12, US$1 was equivalent to NT$32.56.