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Yao I Fabric Q3 profit climbs 59.0% YOY

Yao I Fabric Co. Ltd. said its third-quarter normalized net income was 36 Taiwan cents per share, an increase of 53.3% from 23 cents 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$20.9 million, a gain of 59.0% from NT$13.1 million in the prior-year period.

The normalized profit margin rose to 5.1% from 2.8% in the year-earlier period.

Total revenue decreased 13.6% on an annual basis to NT$411.6 million from NT$476.3 million, and total operating expenses declined 11.8% from the prior-year period to NT$402.1 million from NT$455.7 million.

Reported net income rose from the prior-year period to NT$28.9 million, or 49 cents per share, from NT$13.5 million, or 24 cents per share.

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