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ASEC International Q1 loss narrows YOY

ASEC International Corp. said its first-quarter normalized net income came to a loss of 2 Taiwan cents per share, compared with a loss of 9 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$882,130, compared with a loss of NT$4.5 million in the year-earlier period.

The normalized profit margin rose to negative 0.2% from negative 1.0% in the year-earlier period.

Total revenue rose 11.4% year over year to NT$505.0 million from NT$453.5 million, and total operating expenses grew 7.5% from the prior-year period to NT$502.2 million from NT$467.2 million.

Reported net income came to a loss of NT$926,000, or a loss of 2 cents per share, compared to a loss of NT$4.1 million, or a loss of 8 cents per share, in the year-earlier period.

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