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Nien Hsing Textile Q3 profit falls YOY

Nien Hsing Textile Co. Ltd. said its third-quarter normalized net income amounted to 64 Taiwan cents per share, a decrease of 48.1% from NT$1.23 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$127.1 million, a decrease of 48.1% from NT$244.7 million in the prior-year period.

The normalized profit margin declined to 5.7% from 7.2% in the year-earlier period.

Total revenue decreased on an annual basis to NT$3.23 billion from NT$3.39 billion, and total operating expenses fell from the prior-year period to NT$3.02 billion from NT$3.09 billion.

Reported net income declined 49.4% year over year to NT$164.1 million, or 83 cents per share, from NT$324.3 million, or NT$1.64 per share.

As of Nov. 10, US$1 was equivalent to NT$31.77.