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Nien Hsing Textile Q3 profit climbs YOY

Nien Hsing Textile Co. Ltd. said its third-quarter normalized net income amounted to NT$1.23 per share, a gain from 32 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 NT$244.7 million, an increase from NT$63.7 million in the prior-year period.

The normalized profit margin climbed to 7.2% from 2.0% in the year-earlier period.

Total revenue increased 5.1% year over year to NT$3.39 billion from NT$3.22 billion, and total operating expenses decreased year over year to NT$3.09 billion from NT$3.17 billion.

Reported net income increased from the prior-year period to NT$324.3 million, or NT$1.64 per share, from NT$152.1 million, or 77 cents per share.

As of Nov. 10, US$1 was equivalent to NT$32.74.