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Kwang Ming Silk Mill Q2 profit falls YOY

Kwang Ming Silk Mill Co. Ltd. said its second-quarter normalized net income amounted to 12 Taiwan cents per share, a decrease of 30.2% from 17 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 NT$3.9 million, a decline of 22.9% from NT$5.0 million in the prior-year period.

The normalized profit margin declined to 1.6% from 5.3% in the year-earlier period.

Total revenue climbed on an annual basis to NT$241.9 million from NT$94.5 million, and total operating expenses climbed year over year to NT$235.0 million from NT$86.2 million.

Reported net income declined 96.5% year over year to NT$2.6 million, or 8 cents per share, from NT$75.5 million, or NT$2.56 per share.

As of Aug. 12, US$1 was equivalent to NT$31.39.