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Hey-song Q2 profit falls YOY

Hey-Song Corp. said its normalized net income for the second quarter amounted to 25 Taiwan cents per share, a decrease of 7.4% from 27 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$102.0 million, a decrease of 7.4% from NT$110.1 million in the prior-year period.

The normalized profit margin declined to 4.7% from 7.2% in the year-earlier period.

Total revenue grew 42.3% on an annual basis to NT$2.18 billion from NT$1.53 billion, and total operating expenses rose 41.3% year over year to NT$2.14 billion from NT$1.52 billion.

Reported net income grew from the prior-year period to NT$675.5 million, or NT$1.68 per share, from NT$152.8 million, or 38 cents per share.

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