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Leofoo Development Q3 profit falls YOY

Leofoo Development Co. Ltd. said its normalized net income for the third quarter was 4 Taiwan cents per share, a decrease of 45.0% from 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 NT$14.6 million, a decrease of 45.0% from NT$26.5 million in the prior-year period.

The normalized profit margin declined to 1.9% from 3.3% in the year-earlier period.

Total revenue decreased 7.1% on an annual basis to NT$753.4 million from NT$810.8 million, and total operating expenses decreased on an annual basis to NT$721.5 million from NT$755.6 million.

Reported net income decreased 46.1% year over year to NT$23.1 million, or 7 cents per share, from NT$42.9 million, or 13 cents per share.

As of Nov. 16, US$1 was equivalent to NT$32.83.