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Toung Loong Textile Mfg. profit misses consensus by 36.8% in Q4

Toung Loong Textile Mfg. Co. Ltd. said its fourth-quarter normalized net income came to 76 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.21 per share.

EPS decreased 8.8% year over year from 84 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$91.9 million, a decline of 8.8% from NT$100.8 million in the year-earlier period.

The normalized profit margin fell to 8.1% from 8.9% in the year-earlier period.

Total revenue came to NT$1.14 billion, compared with NT$1.14 billion in the year-earlier period, and total operating expenses increased on an annual basis to NT$997.2 million from NT$971.8 million.

Reported net income declined 6.8% year over year to NT$120.7 million, or NT$1.00 per share, from NT$129.5 million, or NT$1.08 per share.

For the year, the company's normalized net income totaled NT$3.34 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of NT$4.58.

EPS declined from NT$3.49 in the prior year.

Normalized net income was NT$401.8 million, a fall from NT$419.5 million in the prior year.

Full-year total revenue declined year over year to NT$4.50 billion from NT$4.65 billion, and total operating expenses decreased year over year to NT$3.84 billion from NT$3.94 billion.

The company said reported net income decreased on an annual basis to NT$525.5 million, or NT$4.37 per share, in the full year, from NT$547.2 million, or NT$4.55 per share.

As of March 29, US$1 was equivalent to NT$30.25.