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Fu-Chian Tire swings to profit in Q1

Fu-Chian Tire Corp. Ltd. said its first-quarter normalized net income amounted to 3 Taiwan cents per share, compared with a loss of 4 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$1.8 million, compared with a loss of NT$2.4 million in the prior-year period.

The normalized profit margin climbed to 0.9% from negative 1.2% in the year-earlier period.

Total revenue decreased year over year to NT$192.4 million from NT$198.1 million, and total operating expenses declined 6.2% from the prior-year period to NT$188.5 million from NT$201.1 million.

Reported net income grew on an annual basis to NT$8.3 million, or 13 cents per share, from NT$3.8 million, or 6 cents per share.

As of May 15, US$1 was equivalent to NT$30.44.