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Ability Enterprise Q4 profit falls YOY

Ability Enterprise Co. Ltd. said its normalized net income for the fourth quarter amounted to 29 Taiwan cents per share, a decline of 11.4% from 33 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$83.3 million, a decrease of 10.5% from NT$93.0 million in the prior-year period.

The normalized profit margin increased to 2.8% from 2.0% in the year-earlier period.

Total revenue decreased 35.6% on an annual basis to NT$3.02 billion from NT$4.69 billion, and total operating expenses fell 35.4% year over year to NT$2.95 billion from NT$4.57 billion.

Reported net income rose 49.0% on an annual basis to NT$138.7 million, or 49 cents per share, from NT$93.1 million, or 33 cents per share.

For the year, the company's normalized net income totaled 89 cents per share, an increase of 16.3% from 76 cents per share in the prior year.

Normalized net income was NT$249.1 million, a decline of 20.7% from NT$314.0 million in the prior year.

Full-year total revenue decreased 42.8% year over year to NT$11.01 billion from NT$19.25 billion, and total operating expenses fell 41.4% on an annual basis to NT$10.92 billion from NT$18.64 billion.

The company said reported net income declined 44.3% on an annual basis to NT$387.3 million, or NT$1.38 per share, in the full year, from NT$695.5 million, or NT$1.69 per share.

As of March 29, US$1 was equivalent to NT$30.25.