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Contrel Technology swings to loss in Q1

Contrel Technology Co. Ltd. said its first-quarter normalized net income amounted to a loss of 8 Taiwan cents per share, compared with 3 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$10.9 million, compared with income of NT$4.0 million in the prior-year period.

The normalized profit margin fell to negative 1.4% from 0.5% in the year-earlier period.

Total revenue fell 5.2% year over year to NT$775.4 million from NT$817.5 million, and total operating expenses decreased on an annual basis to NT$767.2 million from NT$790.2 million.

Reported net income came to a loss of NT$17.4 million, or a loss of 13 cents per share, compared to income of NT$10.8 million, or 8 cents per share, in the prior-year period.

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