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Hong Yi Fiber profit beats consensus by 18.8% in Q2

Hong Yi Fiber Ind. Co. Ltd. said its normalized net income for the second quarter amounted to 52 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 44 cents per share.

EPS rose year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$68.7 million, a gain from NT$24.7 million in the year-earlier period.

The normalized profit margin climbed to 14.0% from 5.0% in the year-earlier period.

Total revenue came to NT$489.7 million, compared with NT$489.1 million in the year-earlier period, and total operating expenses fell 5.8% on an annual basis to NT$425.4 million from NT$451.6 million.

Reported net income rose from the prior-year period to NT$156.7 million, or NT$1.18 per share, from NT$39.8 million, or 30 cents per share.

As of Aug. 5, US$1 was equivalent to NT$31.71.