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Edison Opto swings to loss in Q1

Edison Opto Corp. said its normalized net income for the first quarter was a loss of 12 Taiwan cents per share, compared with 5 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$14.6 million, compared with income of NT$6.0 million in the prior-year period.

The normalized profit margin fell to negative 1.9% from 0.6% in the year-earlier period.

Total revenue declined 20.8% year over year to NT$762.1 million from NT$961.8 million, and total operating expenses decreased 17.8% on an annual basis to NT$773.8 million from NT$941.3 million.

Reported net income came to a loss of NT$32.4 million, or a loss of 26 cents per share, compared to income of NT$3.9 million, or 3 cents per share, in the prior-year period.

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