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Papago swings to loss in Q1

Papago Inc. said its first-quarter normalized net income was a loss of 15 Taiwan cents per share, compared with 1 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$4.5 million, compared with income of NT$384,500 in the year-earlier period.

The normalized profit margin declined to negative 2.3% from 0.1% in the year-earlier period.

Total revenue decreased 30.0% on an annual basis to NT$198.1 million from NT$283.1 million, and total operating expenses decreased 21.1% on an annual basis to NT$209.4 million from NT$265.4 million.

Reported net income totaled a loss of NT$8.8 million, or a loss of 29 cents per share, compared to income of NT$1.5 million, or 5 cents per share, in the year-earlier period.

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