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Tsang Yow Industrial Q1 profit falls YOY

Tsang Yow Industrial Co. Ltd. said its normalized net income for the first quarter amounted to 9 Taiwan cents per share, a decrease of 71.4% from 33 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$9.7 million, a decline of 67.8% from NT$30.2 million in the year-earlier period.

The normalized profit margin fell to 1.8% from 5.8% in the year-earlier period.

Total revenue increased year over year to NT$536.7 million from NT$523.7 million, and total operating expenses increased year over year to NT$498.1 million from NT$475.5 million.

Reported net income fell 66.0% on an annual basis to NT$13.4 million, or 13 cents per share, from NT$39.5 million, or 43 cents per share.

As of May 13, US$1 was equivalent to NT$30.62.