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Ideal Bike Q3 profit climbs YOY

Ideal Bike Corp. said its normalized net income for the third quarter came to 61 Taiwan cents per share, an increase from 10 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$98.3 million, a gain from NT$14.7 million in the year-earlier period.

The normalized profit margin increased to 5.8% from 1.6% in the year-earlier period.

Total revenue climbed 81.4% on an annual basis to NT$1.70 billion from NT$939.2 million, and total operating expenses grew 73.3% from the prior-year period to NT$1.63 billion from NT$938.0 million.

Reported net income rose from the prior-year period to NT$118.6 million, or 73 cents per share, from NT$17.6 million, or 12 cents per share.

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