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Tidehold Development swings to loss in Q3

Tidehold Development Co. Ltd. said its normalized net income for the third quarter amounted to a loss of 2 Taiwan cents per share, compared with 10 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 a loss of NT$1.9 million, compared with income of NT$9.6 million in the prior-year period.

The normalized profit margin declined to negative 40.7% from 54.1% in the year-earlier period.

Total revenue declined 74.1% year over year to NT$4.6 million from NT$17.7 million, and total operating expenses decreased 54.1% on an annual basis to NT$9.6 million from NT$20.9 million.

Reported net income declined 81.8% from the prior-year period to NT$3.9 million, or 4 cents per share, from NT$21.6 million, or 22 cents per share.

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