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Twinhead International Q1 loss narrows YOY

Twinhead International Corp. said its normalized net income for the first quarter was a loss of 17 Taiwan cents per share, compared with a loss of 41 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$15.4 million, compared with a loss of NT$37.6 million in the year-earlier period.

The normalized profit margin increased to negative 5.7% from negative 22.4% in the year-earlier period.

Total revenue increased 61.7% on an annual basis to NT$271.4 million from NT$167.8 million, and total operating expenses climbed 30.0% from the prior-year period to NT$288.7 million from NT$222.1 million.

Reported net income totaled a loss of NT$24.9 million, or a loss of 27 cents per share, compared to a loss of NT$60.3 million, or a loss of 66 cents per share, in the prior-year period.

As of May 16, US$1 was equivalent to NT$32.63.