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Ligitek Electronics Q1 loss narrows YOY

Ligitek Electronics Co. Ltd. said its first-quarter normalized net income amounted to a loss of 11 Taiwan cents per share, compared with a loss of 18 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$13.4 million, compared with a loss of NT$20.8 million in the prior-year period.

The normalized profit margin rose to negative 7.6% from negative 9.9% in the year-earlier period.

Total revenue decreased 16.3% on an annual basis to NT$176.5 million from NT$210.8 million, and total operating expenses decreased 17.3% from the prior-year period to NT$195.8 million from NT$236.7 million.

Reported net income totaled a loss of NT$21.4 million, or a loss of 18 cents per share, compared to a loss of NT$33.1 million, or a loss of 28 cents per share, in the prior-year period.

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