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Shinih Enterprise Q1 profit falls YOY

Shinih Enterprise Co. Ltd. said its normalized net income for the first quarter came to 31 Taiwan cents per share, a decrease from 32 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$35.8 million, a decrease from NT$37.3 million in the year-earlier period.

The normalized profit margin declined to 3.9% from 4.0% in the year-earlier period.

Total revenue decreased on an annual basis to NT$914.1 million from NT$931.9 million, and total operating expenses came to NT$851.1 million, compared with NT$858.7 million in the prior-year period.

Reported net income fell 8.2% year over year to NT$40.1 million, or 35 cents per share, from NT$43.7 million, or 38 cents per share.

As of May 13, US$1 was equivalent to NT$32.68.