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Chuwa Wool Industry (Taiwan) swings to loss in Q4

Chuwa Wool Industry Co. (Taiwan) Ltd. said its fourth-quarter normalized net income came to a loss of NT$243,750, compared with income of NT$2.3 million in the prior-year period.

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

The normalized profit margin declined to negative 0.3% from 1.8% in the year-earlier period.

Total revenue fell 28.5% on an annual basis to NT$92.0 million from NT$128.5 million, and total operating expenses decreased 27.3% on an annual basis to NT$94.0 million from NT$129.3 million.

Reported net income fell 99.6% from the prior-year period to NT$10,000, or 0 cents per share, from NT$2.5 million, or 3 cents per share.

For the year, the company's normalized net income totaled NT$134,380, a decrease of 68.0% from NT$419,380 in the prior year.

Full-year total revenue decreased 15.4% from the prior-year period to NT$358.4 million from NT$423.8 million, and total operating expenses decreased 15.0% on an annual basis to NT$372.6 million from NT$438.4 million.

The company said reported net income fell 17.0% year over year to NT$638,000, or 1 cents per share, in the full year, from NT$769,000, or 1 cents per share.

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