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Zig Sheng Industrial swings to loss in Q3

Zig Sheng Industrial Co. Ltd. said its third-quarter normalized net income was a loss of 14 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

The per-share result swung to a loss from the prior-year profit of 7 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$88.7 million, compared with income of NT$40.6 million in the prior-year period.

The normalized profit margin fell to negative 2.7% from 1.0% in the year-earlier period.

Total revenue declined 23.1% year over year to NT$3.27 billion from NT$4.25 billion, and total operating expenses decreased 18.4% on an annual basis to NT$3.44 billion from NT$4.21 billion.

Reported net income totaled a loss of NT$91.8 million, or a loss of 15 cents per share, compared to income of NT$24.5 million, or 4 cents per share, in the prior-year period.

As of Nov. 12, US$1 was equivalent to NT$32.73.