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Federal Q2 profit falls YOY

Federal Corp. said its second-quarter normalized net income came to 7 Taiwan cents per share, a decrease of 73.2% from 25 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$30.4 million, a decline of 73.2% from NT$113.3 million in the prior-year period.

The normalized profit margin declined to 1.9% from 5.7% in the year-earlier period.

Total revenue declined 29.2% on an annual basis to NT$1.40 billion from NT$1.98 billion, and total operating expenses decreased 23.0% from the prior-year period to NT$1.37 billion from NT$1.78 billion.

Reported net income decreased 96.3% from the prior-year period to NT$4.6 million, or 1 cents per share, from NT$124.2 million, or 27 cents per share.

As of Aug. 11, US$1 was equivalent to NT$31.26.