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Hwa Fong Rubber Ind. Q2 profit falls YOY

Hwa Fong Rubber Ind. Co. Ltd. said its normalized net income for the second quarter came to 9 Taiwan cents per share, a decline of 56.9% from 21 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$30.3 million, a decrease of 57.0% from NT$70.4 million in the prior-year period.

The normalized profit margin dropped to 2.0% from 4.2% in the year-earlier period.

Total revenue declined 7.6% on an annual basis to NT$1.55 billion from NT$1.68 billion, and total operating expenses declined on an annual basis to NT$1.47 billion from NT$1.51 billion.

Reported net income declined 25.2% year over year to NT$29.4 million, or 9 cents per share, from NT$39.3 million, or 12 cents per share.

As of Aug. 15, US$1 was equivalent to NT$31.33.