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Leechi Machinery Industry Q4 profit falls YOY

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Leechi Machinery Industry Q4 profit falls YOY

Leechi Machinery Industry Ltd. Co. said its fourth-quarter normalized net income amounted to 9 Taiwan cents per share, a decrease 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$21.1 million, a decline of 56.7% from NT$48.6 million in the prior-year period.

The normalized profit margin fell to 2.5% from 4.6% in the year-earlier period.

Total revenue fell 21.3% on an annual basis to NT$830.0 million from NT$1.06 billion, and total operating expenses declined 19.2% on an annual basis to NT$823.2 million from NT$1.02 billion.

Reported net income fell 71.1% on an annual basis to NT$18.5 million, or 7 cents per share, from NT$64.1 million, or 27 cents per share.

For the year, the company's normalized net income totaled 53 cents per share, a decrease of 35.7% from 82 cents per share in the prior year.

Normalized net income was NT$120.8 million, a fall of 35.6% from NT$187.6 million in the prior year.

Full-year total revenue fell 10.6% from the prior-year period to NT$3.47 billion from NT$3.88 billion, and total operating expenses fell 7.8% on an annual basis to NT$3.36 billion from NT$3.64 billion.

The company said reported net income fell 39.6% on an annual basis to NT$139.9 million, or 61 cents per share, in the full year, from NT$231.5 million, or NT$1.01 per share.

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