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Lan Fa Textile profit misses consensus by 38.8% in Q2

Lan Fa Textile Co. Ltd. said its second-quarter normalized net income was NT$34.8 million, an increase from NT$2.0 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 3.6% from 0.2% in the year-earlier period.

Total revenue fell year over year to NT$976.0 million from NT$995.7 million, and total operating expenses decreased 6.6% from the prior-year period to NT$923.4 million from NT$988.5 million.

Reported net income increased year over year to NT$116.9 million, or 37 cents per share, from NT$25.3 million, or 8 cents per share.

As of Aug. 7, US$1 was equivalent to NT$31.73.