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AGV Products Q1 loss narrows YOY

AGV Products Corp. said its normalized net income for the first quarter came to a loss of 7 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 11 cents per share.

The per-share loss narrowed 57.7% year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$38.2 million, compared with a loss of NT$83.0 million in the year-earlier period.

The normalized profit margin increased to negative 3.7% from negative 9.7% in the year-earlier period.

Total revenue increased 19.1% year over year to NT$1.02 billion from NT$853.3 million, and total operating expenses rose 9.1% on an annual basis to NT$1.09 billion from NT$1.00 billion.

Reported net income totaled a loss of NT$78.8 million, or a loss of 15 cents per share, compared to a loss of NT$136.4 million, or a loss of 28 cents per share, in the prior-year period.

As of May 14, US$1 was equivalent to NT$30.54.