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Mr Onion Q1 profit falls YOY

Mr. Onion Corp. said its normalized net income for the first quarter came to 61 Taiwan cents per share, a decrease of 41.6% from NT$1.04 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$8.9 million, a decline of 41.9% from NT$15.3 million in the prior-year period.

The normalized profit margin declined to 4.1% from 6.9% in the year-earlier period.

Total revenue declined on an annual basis to NT$216.3 million from NT$220.3 million, and total operating expenses grew on an annual basis to NT$203.0 million from NT$196.8 million.

Reported net income declined 46.6% year over year to NT$10.8 million, or 74 cents per share, from NT$20.3 million, or NT$1.38 per share.

As of July 7, US$1 was equivalent to NT$31.08.