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TTET Union Q4 profit falls YOY

TTET Union Corp. said its normalized net income for the fourth quarter was NT$1.02 per share, a decline of 45.7% from NT$1.88 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$164.4 million, a decrease of 45.6% from NT$302.2 million in the prior-year period.

The normalized profit margin declined to 3.7% from 5.5% in the year-earlier period.

Total revenue declined 19.9% year over year to NT$4.41 billion from NT$5.50 billion, and total operating expenses fell 18.1% from the prior-year period to NT$4.16 billion from NT$5.08 billion.

Reported net income declined 45.3% from the prior-year period to NT$220.2 million, or NT$1.37 per share, from NT$402.6 million, or NT$2.51 per share.

For the year, the company's normalized net income totaled NT$4.30 per share, a fall of 7.3% from NT$4.65 per share in the prior year.

Normalized net income was NT$690.5 million, a decline of 7.2% from NT$744.5 million in the prior year.

Full-year total revenue fell 18.7% on an annual basis to NT$17.77 billion from NT$21.85 billion, and total operating expenses declined 19.4% year over year to NT$16.74 billion from NT$20.76 billion.

The company said reported net income declined 7.5% year over year to NT$912.8 million, or NT$5.69 per share, in the full year, from NT$987.1 million, or NT$6.16 per share.

As of March 28, US$1 was equivalent to NT$32.62.