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Donpon Precision swings to loss in Q1

Donpon Precision Inc. said its normalized net income for the first quarter was a loss of 20 Taiwan cents per share, compared with 31 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$20.1 million, compared with income of NT$33.0 million in the prior-year period.

The normalized profit margin fell to negative 3.8% from 4.3% in the year-earlier period.

Total revenue declined 31.3% year over year to NT$531.7 million from NT$774.0 million, and total operating expenses declined 21.5% from the prior-year period to NT$564.7 million from NT$719.3 million.

Reported net income totaled a loss of NT$30.7 million, or a loss of 31 cents per share, compared to income of NT$39.3 million, or 37 cents per share, in the prior-year period.

As of May 10, US$1 was equivalent to NT$32.55.