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E&R Engineering swings to loss in Q1

E&R Engineering Corp. said its first-quarter normalized net income was a loss of 68 Taiwan cents per share, compared with 24 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$37.6 million, compared with income of NT$12.3 million in the year-earlier period.

The normalized profit margin fell to negative 15.0% from 2.8% in the year-earlier period.

Total revenue declined 44.0% on an annual basis to NT$249.8 million from NT$446.1 million, and total operating expenses decreased 29.1% on an annual basis to NT$299.1 million from NT$421.7 million.

Reported net income totaled a loss of NT$57.6 million, or a loss of NT$1.05 per share, compared to income of NT$15.5 million, or 30 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$32.68.