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Ching Feng Home Fashions swings to profit in Q3

Ching Feng Home Fashions Co. Ltd. said its normalized net income for the third quarter was 6 Taiwan cents per share, compared with a loss of 22 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 NT$8.6 million, compared with a loss of NT$28.4 million in the prior-year period.

The normalized profit margin rose to 1.1% from negative 4.0% in the year-earlier period.

Total revenue climbed 11.3% year over year to NT$789.9 million from NT$710.0 million, and total operating expenses climbed on an annual basis to NT$762.9 million from NT$742.1 million.

Reported net income totaled NT$1.4 million, or 1 cents per share, compared to a loss of NT$44.2 million, or a loss of 34 cents per share, in the prior-year period.

As of Nov. 16, US$1 was equivalent to NT$32.83.