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Gordon Auto Body Parts swings to profit in Q2

Gordon Auto Body Parts Co. Ltd. said its normalized net income for the second quarter was 26 Taiwan cents per share, compared with a loss of 5 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$46.1 million, compared with a loss of NT$8.8 million in the year-earlier period.

The normalized profit margin climbed to 7.2% from negative 1.5% in the year-earlier period.

Total revenue grew 6.6% on an annual basis to NT$637.8 million from NT$598.5 million, and total operating expenses decreased 7.3% from the prior-year period to NT$553.1 million from NT$596.8 million.

Reported net income totaled NT$57.6 million, or 32 cents per share, compared to a loss of NT$75.5 million, or a loss of 42 cents per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to NT$31.04.