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Federal swings to loss in Q3

Federal Corp. said its normalized net income for the third quarter was a loss of 17 Taiwan cents per share, compared with 34 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$77.9 million, compared with income of NT$158.0 million in the prior-year period.

The normalized profit margin dropped to negative 7.4% from 8.6% in the year-earlier period.

Total revenue fell 42.9% on an annual basis to NT$1.05 billion from NT$1.83 billion, and total operating expenses declined 29.3% from the prior-year period to NT$1.16 billion from NT$1.64 billion.

Reported net income came to a loss of NT$105.7 million, or a loss of 23 cents per share, compared to income of NT$211.8 million, or 46 cents per share, in the year-earlier period.

As of Nov. 11, US$1 was equivalent to NT$31.93.