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Her Chee Industrial swings to loss in Q4

Her Chee Industrial Co. Ltd. said its normalized net income for the fourth quarter was a loss of 7 Taiwan cents per share, compared with 5 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$5.0 million, compared with income of NT$4.0 million in the year-earlier period.

The normalized profit margin fell to negative 6.8% from 5.2% in the year-earlier period.

Total revenue decreased on an annual basis to NT$74.3 million from NT$76.2 million, and total operating expenses fell 6.7% from the prior-year period to NT$77.2 million from NT$82.8 million.

Reported net income came to a loss of NT$6.5 million, or a loss of 9 cents per share, compared to income of NT$4.4 million, or 6 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 7 cents per share, a decrease of 69.2% from 22 cents per share in the prior year.

Normalized net income was NT$4.9 million, a decrease of 69.2% from NT$16.0 million in the prior year.

Full-year total revenue declined 11.4% year over year to NT$417.1 million from NT$470.8 million, and total operating expenses fell 9.5% on an annual basis to NT$416.6 million from NT$460.6 million.

The company said reported net income fell 49.9% year over year to NT$7.9 million, or 11 cents per share, in the full year, from NT$15.9 million, or 22 cents per share.

As of March 30, US$1 was equivalent to NT$32.18.