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Shin Tai Industry swings to profit in Q4

Shin Tai Industry Co. Ltd. said its fourth-quarter normalized net income came to NT$416,250, compared with a loss of NT$45.8 million in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 1.5% from negative 172.9% in the year-earlier period.

Total revenue grew on an annual basis to NT$27.0 million from NT$26.5 million, and total operating expenses fell 38.0% from the prior-year period to NT$31.7 million from NT$51.1 million.

Reported net income totaled NT$23.6 million, or 40 cents per share, compared to a loss of NT$84.7 million, or a loss of NT$1.44 per share, in the prior-year period.

For the year, the company's normalized net income totaled 25 cents per share, a decline of 34.5% from 38 cents per share in the prior year.

Normalized net income was NT$14.8 million, a decrease of 34.3% from NT$22.5 million in the prior year.

Full-year total revenue decreased 38.4% on an annual basis to NT$106.0 million from NT$172.1 million, and total operating expenses decreased 44.2% on an annual basis to NT$119.1 million from NT$213.5 million.

The company said reported net income decreased 9.8% year over year to NT$47.0 million, or 80 cents per share, in the full year, from NT$52.1 million, or 89 cents per share.

As of March 24, US$1 was equivalent to NT$32.51.