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Kwong Fong Industries Q1 profit climbs YOY

Kwong Fong Industries Corp. said its normalized net income for the first quarter was 96 Taiwan cents per share, an increase from 47 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$179.0 million, an increase from NT$86.4 million in the prior-year period.

The normalized profit margin declined to 8.9% from 9.9% in the year-earlier period.

Total revenue grew year over year to NT$2.02 billion from NT$869.6 million, and total operating expenses increased year over year to NT$1.71 billion from NT$756.7 million.

Reported net income increased year over year to NT$386.0 million, or NT$2.08 per share, from NT$156.7 million, or 85 cents per share.

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