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Shinih Enterprise swings to loss in Q4

Shinih Enterprise Co. Ltd. said its fourth-quarter normalized net income amounted to a loss of 21 Taiwan cents per share, compared with 8 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 a loss of NT$22.7 million, compared with income of NT$9.0 million in the year-earlier period.

The normalized profit margin declined to negative 2.6% from 0.9% in the year-earlier period.

Total revenue decreased 8.9% year over year to NT$875.8 million from NT$961.6 million, and total operating expenses decreased 8.8% on an annual basis to NT$893.7 million from NT$979.5 million.

Reported net income totaled a loss of NT$32.5 million, or a loss of 31 cents per share, compared to income of NT$14.4 million, or 13 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 77 cents per share, a fall of 21.0% from 97 cents per share in the prior year.

Normalized net income was NT$88.3 million, a decline of 19.8% from NT$110.1 million in the prior year.

Full-year total revenue fell 6.9% from the prior-year period to NT$3.86 billion from NT$4.14 billion, and total operating expenses decreased 6.8% on an annual basis to NT$3.70 billion from NT$3.97 billion.

The company said reported net income decreased 41.4% on an annual basis to NT$70.3 million, or 61 cents per share, in the full year, from NT$120.0 million, or NT$1.06 per share.

As of March 30, US$1 was equivalent to NT$32.18.