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Ching Feng Home Fashions Q1 profit falls YOY

Ching Feng Home Fashions Co. Ltd. said its normalized net income for the first quarter came to 9 Taiwan cents per share, a decrease of 34.9% from 14 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$14.0 million, a decrease of 27.1% from NT$19.2 million in the prior-year period.

The normalized profit margin dropped to 1.8% from 2.4% in the year-earlier period.

Total revenue totaled NT$788.6 million, compared with NT$787.4 million in the year-earlier period, and total operating expenses totaled NT$762.2 million, compared with NT$766.3 million in the year-earlier period.

Reported net income fell 34.8% year over year to NT$15.2 million, or 10 cents per share, from NT$23.3 million, or 17 cents per share.

As of May 13, US$1 was equivalent to NT$32.68.