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Hwa Fong Rubber Ind. Q3 profit falls YOY

Hwa Fong Rubber Ind. Co. Ltd. said its third-quarter normalized net income came to 7 Taiwan cents per share, a decrease of 57.1% from 16 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$23.0 million, a decline of 57.1% from NT$53.6 million in the prior-year period.

The normalized profit margin declined to 1.5% from 3.4% in the year-earlier period.

Total revenue declined 6.5% on an annual basis to NT$1.49 billion from NT$1.59 billion, and total operating expenses decreased from the prior-year period to NT$1.35 billion from NT$1.39 billion.

Reported net income increased year over year to NT$40.0 million, or 12 cents per share, from NT$6.7 million, or 2 cents per share.

As of Nov. 14, US$1 was equivalent to NT$31.98.