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Toung Loong Textile Mfg. profit misses consensus by 32.9% in Q2

Toung Loong Textile Mfg. Co. Ltd. said its second-quarter normalized net income came to 89 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.33 per share.

EPS decreased 19.1% year over year from NT$1.10.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$107.3 million, a decline of 19.1% from NT$132.7 million in the prior-year period.

The normalized profit margin fell to 9.4% from 9.7% in the year-earlier period.

Total revenue fell 17.1% on an annual basis to NT$1.14 billion from NT$1.37 billion, and total operating expenses decreased 16.4% on an annual basis to NT$961.4 million from NT$1.15 billion.

Reported net income fell 21.3% from the prior-year period to NT$138.4 million, or NT$1.15 per share, from NT$175.9 million, or NT$1.46 per share.

As of Aug. 12, US$1 was equivalent to NT$31.39.