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Hey-song Q1 profit falls YOY

Hey-Song Corp. said its normalized net income for the first quarter was 16 Taiwan cents per share, a decrease of 21.9% from 20 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$63.4 million, a decline of 21.9% from NT$81.2 million in the year-earlier period.

The normalized profit margin dropped to 3.6% from 6.1% in the year-earlier period.

Total revenue climbed 31.8% year over year to NT$1.75 billion from NT$1.33 billion, and total operating expenses rose 33.6% from the prior-year period to NT$1.86 billion from NT$1.40 billion.

Reported net income declined 29.0% year over year to NT$88.5 million, or 22 cents per share, from NT$124.6 million, or 31 cents per share.

As of May 12, US$1 was equivalent to NT$32.56.