Federal Corp. said its third-quarter normalized net income was 37 Taiwan cents per share, a gain from 13 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$169.0 million, an increase from NT$60.9 million in the year-earlier period.

The normalized profit margin increased to 8.6% from 3.4% in the year-earlier period.

Total revenue grew on an annual basis to NT$1.83 billion from NT$1.79 billion, and total operating expenses decreased on an annual basis to NT$1.64 billion from NT$1.71 billion.

Reported net income rose on an annual basis to NT$212.2 million, or 46 cents per share, from NT$72.2 million, or 15 cents per share.

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