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Parpro swings to loss in Q1

Parpro Corp. said its normalized net income for the first quarter came to a loss of 7 Taiwan cents per share, compared with 25 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$5.2 million, compared with income of NT$18.7 million in the prior-year period.

The normalized profit margin fell to negative 1.4% from 4.7% in the year-earlier period.

Total revenue fell 5.2% year over year to NT$377.5 million from NT$398.2 million, and total operating expenses rose on an annual basis to NT$385.5 million from NT$376.6 million.

Reported net income totaled a loss of NT$8.6 million, or a loss of 11 cents per share, compared to income of NT$22.4 million, or 30 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$30.62.