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Kwang Ming Silk Mill Q3 profit falls YOY

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Kwang Ming Silk Mill Q3 profit falls YOY

Kwang Ming Silk Mill Co. Ltd. said its normalized net income for the third quarter amounted to 11 Taiwan cents per share, a decrease of 21.7% from 15 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$3.4 million, a decrease of 21.6% from NT$4.3 million in the prior-year period.

The normalized profit margin fell to 1.8% from 3.9% in the year-earlier period.

Total revenue climbed 68.4% on an annual basis to NT$184.1 million from NT$109.4 million, and total operating expenses climbed 70.5% on an annual basis to NT$177.2 million from NT$103.9 million.

Reported net income fell 37.4% year over year to NT$4.4 million, or 15 cents per share, from NT$7.1 million, or 24 cents per share.

As of Nov. 16, US$1 was equivalent to NT$32.83.