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Ability Enterprise Q4 profit falls YOY

Ability Enterprise Co. Ltd. said its fourth-quarter normalized net income was 37 Taiwan cents per share, an increase of 8.8% from 34 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$103.4 million, a decrease of 36.9% from NT$163.9 million in the year-earlier period.

The normalized profit margin dropped to 2.0% from 2.6% in the year-earlier period.

Total revenue fell 26.4% on an annual basis to NT$4.69 billion from NT$6.38 billion, and total operating expenses decreased 28.4% year over year to NT$4.57 billion from NT$6.39 billion.

Reported net income decreased 35.8% year over year to NT$93.1 million, or 33 cents per share, from NT$144.9 million, or 30 cents per share.

For the year, the company's normalized net income totaled 80 cents per share, a gain from 38 cents per share in the prior year.

Normalized net income was NT$328.9 million, a gain of 83.0% from NT$179.7 million in the prior year.

Full-year total revenue fell 20.4% year over year to NT$19.25 billion from NT$24.18 billion, and total operating expenses declined 22.6% on an annual basis to NT$18.64 billion from NT$24.07 billion.

The company said reported net income increased on an annual basis to NT$695.5 million, or NT$1.69 per share, in the full year, from NT$154.2 million, or 33 cents per share.

As of March 14, US$1 was equivalent to NT$32.71.