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Lungyen Life Service Q3 profit falls YOY

Lungyen Life Service Corp. said its normalized net income for the third quarter amounted to 82 Taiwan cents per share, a decline of 21.6% from NT$1.05 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$327.2 million, a decrease of 21.6% from NT$417.4 million in the prior-year period.

The normalized profit margin climbed to 35.8% from 27.7% in the year-earlier period.

Total revenue declined 39.4% year over year to NT$914.5 million from NT$1.51 billion, and total operating expenses fell 39.5% from the prior-year period to NT$558.9 million from NT$923.2 million.

Reported net income fell 32.7% on an annual basis to NT$419.3 million, or NT$1.05 per share, from NT$622.8 million, or NT$1.56 per share.

As of Nov. 16, US$1 was equivalent to NT$32.83.