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Baotek Industrial Materials Q1 loss narrows YOY

Baotek Industrial Materials Ltd. said its normalized net income for the first quarter was a loss of 6 Taiwan cents per share, compared with a loss of 7 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$11.3 million, compared with a loss of NT$12.8 million in the prior-year period.

The normalized profit margin rose to negative 4.1% from negative 5.0% in the year-earlier period.

Total revenue increased 8.2% on an annual basis to NT$274.9 million from NT$254.1 million, and total operating expenses rose 6.2% on an annual basis to NT$288.7 million from NT$271.7 million.

Reported net income came to a loss of NT$15.8 million, or a loss of 8 cents per share, compared to a loss of NT$17.7 million, or a loss of 9 cents per share, in the year-earlier period.

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