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Lan Fa Textile Q4 loss widens YOY

Lan Fa Textile Co. Ltd. said its normalized net income for the fourth quarter was a loss of NT$7.8 million, compared with a loss of NT$3.0 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 0.8% from negative 0.3% in the year-earlier period.

Total revenue declined 10.8% year over year to NT$984.3 million from NT$1.10 billion, and total operating expenses declined 14.4% from the prior-year period to NT$955.9 million from NT$1.12 billion.

Reported net income came to a loss of NT$15.4 million, or a loss of 5 cents per share, compared to income of NT$34.8 million, or 11 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 29 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 80 cents.

EPS rose from 4 cents in the prior year.

Normalized net income was NT$90.6 million, an increase from NT$13.5 million in the prior year.

Full-year total revenue declined on an annual basis to NT$3.92 billion from NT$4.07 billion, and total operating expenses decreased 7.6% year over year to NT$3.75 billion from NT$4.06 billion.

The company said reported net income increased 28.8% on an annual basis to NT$227.8 million, or 72 cents per share, in the full year, from NT$176.9 million, or 56 cents per share.

As of March 29, US$1 was equivalent to NT$32.58.