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Paragon Technologies swings to loss in Q1

Paragon Technologies Co. Ltd. said its first-quarter normalized net income came to a loss of 38 Taiwan cents per share, compared with 8 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$32.1 million, compared with income of NT$6.5 million in the prior-year period.

The normalized profit margin fell to negative 15.8% from 2.1% in the year-earlier period.

Total revenue decreased 35.6% year over year to NT$203.8 million from NT$316.6 million, and total operating expenses decreased 15.5% year over year to NT$264.5 million from NT$312.8 million.

Reported net income came to a loss of NT$57.3 million, or a loss of 67 cents per share, compared to income of NT$13.7 million, or 16 cents per share, in the year-earlier period.

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