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Zig Sheng Industrial profit misses consensus by 35.0% in Q2

Zig Sheng Industrial Co. Ltd. said its normalized net income for the second quarter amounted to 21 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 33 cents per share.

The per-share result swung to a profit from the prior-year loss of 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$131.3 million, compared with a loss of NT$54.1 million in the year-earlier period.

The normalized profit margin climbed to 3.1% from negative 1.1% in the year-earlier period.

Total revenue decreased 11.0% year over year to NT$4.20 billion from NT$4.71 billion, and total operating expenses fell 16.8% on an annual basis to NT$4.00 billion from NT$4.81 billion.

Reported net income came to NT$269.4 million, or 44 cents per share, compared to a loss of NT$73.4 million, or a loss of 12 cents per share, in the prior-year period.

As of Aug. 5, US$1 was equivalent to NT$31.71.