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AGV Products swings to profit in Q3

AGV Products Corp. said its normalized net income for the third quarter amounted to 4 Taiwan cents per share, compared with a loss of 13 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$19.1 million, compared with a loss of NT$69.1 million in the prior-year period.

The normalized profit margin increased to 1.4% from negative 4.7% in the year-earlier period.

Total revenue fell 6.1% on an annual basis to NT$1.39 billion from NT$1.48 billion, and total operating expenses decreased 9.8% on an annual basis to NT$1.35 billion from NT$1.50 billion.

Reported net income decreased 83.8% on an annual basis to NT$29.7 million, or 6 cents per share, from NT$182.9 million, or 34 cents per share.

As of Nov. 11, US$1 was equivalent to NT$31.93.