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Hey-song Q4 profit falls YOY

Hey-Song Corp. said its normalized net income for the fourth quarter came to 9 Taiwan cents per share, a decrease of 31.7% from 13 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$35.5 million, a decrease of 31.7% from NT$52.0 million in the year-earlier period.

The normalized profit margin dropped to 2.3% from 3.9% in the year-earlier period.

Total revenue increased 15.4% on an annual basis to NT$1.53 billion from NT$1.33 billion, and total operating expenses rose 16.7% from the prior-year period to NT$1.77 billion from NT$1.52 billion.

Reported net income fell 35.0% from the prior-year period to NT$52.3 million, or 13 cents per share, from NT$80.4 million, or 20 cents per share.

For the year, the company's normalized net income totaled NT$1.09 per share, a gain of 49.2% from 73 cents per share in the prior year.

Normalized net income was NT$437.5 million, an increase of 49.2% from NT$293.2 million in the prior year.

Full-year total revenue rose 5.7% year over year to NT$6.36 billion from NT$6.02 billion, and total operating expenses grew on an annual basis to NT$6.40 billion from NT$6.17 billion.

The company said reported net income grew 57.2% year over year to NT$619.3 million, or NT$1.54 per share, in the full year, from NT$394.1 million, or 98 cents per share.

As of March 29, US$1 was equivalent to NT$32.58.