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King Chou Marine Technology Q2 profit climbs 41.0% YOY

King Chou Marine Technology Co. Ltd. said its normalized net income for the second quarter amounted to 86 Taiwan cents per share, a gain of 41.2% from 61 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$72.1 million, a gain of 41.0% from NT$51.2 million in the prior-year period.

The normalized profit margin rose to 9.9% from 6.7% in the year-earlier period.

Total revenue decreased on an annual basis to NT$732.0 million from NT$764.1 million, and total operating expenses declined 6.9% from the prior-year period to NT$613.1 million from NT$658.6 million.

Reported net income increased from the prior-year period to NT$131.9 million, or NT$1.57 per share, from NT$64.4 million, or 76 cents per share.

As of Aug. 15, US$1 was equivalent to NT$31.33.