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Tong-Hwa Synthetic Fiber Q2 loss widens YOY

Tong-Hwa Synthetic Fiber Co. Ltd. said its second-quarter normalized net income amounted to a loss of 36 Taiwan cents per share, compared with a loss of 12 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 a loss of NT$15.9 million, compared with a loss of NT$5.3 million in the prior-year period.

The normalized profit margin dropped to negative 6.3% from negative 1.0% in the year-earlier period.

Total revenue decreased 22.2% year over year to NT$418.1 million from NT$537.0 million, and total operating expenses declined 19.6% year over year to NT$475.7 million from NT$591.7 million.

Reported net income totaled a loss of NT$26.3 million, or a loss of 60 cents per share, compared to a loss of NT$10.6 million, or a loss of 25 cents per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to NT$32.22.