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Kwang Ming Silk Mill Q1 profit climbs YOY

Kwang Ming Silk Mill Co. Ltd. said its first-quarter normalized net income was 15 Taiwan cents per share, compared with 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$4.5 million, compared with NT$4.5 million in the prior-year period.

The normalized profit margin fell to 2.1% from 5.5% in the year-earlier period.

Total revenue rose year over year to NT$214.4 million from NT$81.9 million, and total operating expenses grew on an annual basis to NT$206.0 million from NT$75.3 million.

Reported net income grew 14.3% from the prior-year period to NT$7.1 million, or 24 cents per share, from NT$6.2 million, or 21 cents per share.

As of May 13, US$1 was equivalent to NT$32.68.