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Altek Q3 profit falls YOY

Altek Corp. said its normalized net income for the third quarter was 4 Taiwan cents per share, a decline of 90.7% from 44 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$10.8 million, a decline of 90.8% from NT$118.2 million in the prior-year period.

The normalized profit margin dropped to 0.4% from 3.1% in the year-earlier period.

Total revenue fell 23.0% on an annual basis to NT$2.92 billion from NT$3.80 billion, and total operating expenses decreased 19.7% from the prior-year period to NT$2.91 billion from NT$3.62 billion.

Reported net income declined 93.3% year over year to NT$13.3 million, or 5 cents per share, from NT$197.9 million, or 73 cents per share.

As of Nov. 15, US$1 was equivalent to NT$31.78.