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Sanyang Motor Q4 loss widens YOY

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Sanyang Motor Q4 loss widens YOY

Sanyang Motor Co. Ltd. said its fourth-quarter normalized net income came to a loss of 16 Taiwan cents per share, compared with a loss of 3 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 a loss of NT$142.1 million, compared with a loss of NT$29.5 million in the prior-year period.

The normalized profit margin dropped to negative 2.3% from negative 0.4% in the year-earlier period.

Total revenue decreased 26.4% on an annual basis to NT$6.10 billion from NT$8.28 billion, and total operating expenses declined 21.5% on an annual basis to NT$6.84 billion from NT$8.71 billion.

Reported net income came to a loss of NT$332.4 million, or a loss of 38 cents per share, compared to a loss of NT$44.2 million, or a loss of 5 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 45 cents per share, an increase from 16 cents per share in the prior year.

Normalized net income was NT$402.8 million, an increase from NT$139.9 million in the prior year.

Full-year total revenue declined 9.8% on an annual basis to NT$32.88 billion from NT$36.46 billion, and total operating expenses decreased 10.7% year over year to NT$33.30 billion from NT$37.30 billion.

The company said reported net income totaled NT$3.09 billion, or NT$3.47 per share, in the full year, compared with a loss of NT$278.5 million, or a loss of 32 cents per share, the prior year.

As of March 30, US$1 was equivalent to NT$32.18.