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Harvatek Q1 loss widens 39.2% YOY

Harvatek Corp. said its normalized net income for the first quarter was a loss of 20 Taiwan cents per share, compared with a loss of 15 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$41.2 million, compared with a loss of NT$29.6 million in the year-earlier period.

The normalized profit margin fell to negative 5.9% from negative 2.9% in the year-earlier period.

Total revenue fell 33.1% on an annual basis to NT$693.5 million from NT$1.04 billion, and total operating expenses decreased 29.7% year over year to NT$751.3 million from NT$1.07 billion.

Reported net income totaled a loss of NT$71.4 million, or a loss of 35 cents per share, compared to a loss of NT$44.2 million, or a loss of 22 cents per share, in the year-earlier period.

As of May 12, US$1 was equivalent to NT$32.56.