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Tainan Spinning profit beats consensus by 61.7% in Q3

Tainan Spinning Co. Ltd. said its third-quarter normalized net income came to 18 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 11 cents per share.

EPS increased year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$291.9 million, a gain from NT$97.3 million in the prior-year period.

The normalized profit margin increased to 5.4% from 1.8% in the year-earlier period.

Total revenue declined year over year to NT$5.45 billion from NT$5.51 billion, and total operating expenses fell on an annual basis to NT$5.27 billion from NT$5.51 billion.

Reported net income grew on an annual basis to NT$381.4 million, or 23 cents per share, from NT$132.6 million, or 8 cents per share.

As of Nov. 10, US$1 was equivalent to NT$32.74.