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Softstar Entertainment swings to loss in Q1

Softstar Entertainment Inc. said its normalized net income for the first quarter amounted to a loss of NT$1.16 per share, compared with 50 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$53.7 million, compared with income of NT$22.7 million in the prior-year period.

The normalized profit margin fell to negative 42.4% from 12.9% in the year-earlier period.

Total revenue declined 28.2% on an annual basis to NT$126.5 million from NT$176.3 million, and total operating expenses rose 34.5% on an annual basis to NT$213.3 million from NT$158.6 million.

Reported net income totaled a loss of NT$91.7 million, or a loss of NT$1.99 per share, compared to income of NT$31.2 million, or 68 cents per share, in the year-earlier period.

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