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Ten Ren Tea Q3 profit falls YOY

Ten Ren Tea Co. Ltd. said its normalized net income for the third quarter was 36 Taiwan cents per share, a decrease of 14.9% from 42 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$32.2 million, a decrease of 14.9% from NT$37.8 million in the prior-year period.

The normalized profit margin declined to 6.1% from 7.1% in the year-earlier period.

Total revenue fell on an annual basis to NT$527.2 million from NT$534.9 million, and total operating expenses increased from the prior-year period to NT$488.4 million from NT$478.8 million.

Reported net income decreased 12.7% from the prior-year period to NT$43.5 million, or 48 cents per share, from NT$49.8 million, or 55 cents per share.

As of Nov. 11, US$1 was equivalent to NT$32.72.