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BenQ Materials swings to loss in Q1

BenQ Materials Corp. said its normalized net income for the first quarter was a loss of 14 Taiwan cents per share, compared with 38 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$44.6 million, compared with income of NT$124.1 million in the prior-year period.

The normalized profit margin dropped to negative 1.4% from 3.2% in the year-earlier period.

Total revenue fell 17.1% on an annual basis to NT$3.18 billion from NT$3.84 billion, and total operating expenses declined 13.8% from the prior-year period to NT$3.14 billion from NT$3.64 billion.

Reported net income totaled a loss of NT$77.0 million, or a loss of 24 cents per share, compared to income of NT$218.4 million, or 67 cents per share, in the prior-year period.

As of May 16, US$1 was equivalent to NT$32.63.