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NanKang Rubber Tire Q4 profit climbs YOY

NanKang Rubber Tire Corp. Ltd. said its fourth-quarter normalized net income was 18 Taiwan cents per share, a gain from 2 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$150.7 million, an increase from NT$19.0 million in the prior-year period.

The normalized profit margin climbed to 6.1% from 0.7% in the year-earlier period.

Total revenue fell 6.1% year over year to NT$2.45 billion from NT$2.61 billion, and total operating expenses declined 15.7% year over year to NT$2.19 billion from NT$2.60 billion.

Reported net income came to NT$178.2 million, or 21 cents per share, compared to a loss of NT$115,000, or a loss of 0 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 76 cents per share, a gain of 84.5% from 41 cents per share in the prior year.

Normalized net income was NT$632.0 million, a rise of 84.5% from NT$342.6 million in the prior year.

Full-year total revenue fell 12.0% year over year to NT$10.87 billion from NT$12.36 billion, and total operating expenses decreased 15.2% on an annual basis to NT$9.92 billion from NT$11.69 billion.

The company said reported net income increased on an annual basis to NT$810.5 million, or 97 cents per share, in the full year, from NT$335.0 million, or 40 cents per share.

As of March 29, US$1 was equivalent to NT$32.58.