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Kwang Ming Silk Mill Q4 profit climbs 47.4% YOY

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Kwang Ming Silk Mill Q4 profit climbs 47.4% YOY

Kwang Ming Silk Mill Co. Ltd. said its fourth-quarter normalized net income amounted to 28 Taiwan cents per share, an increase of 47.3% from 19 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$8.1 million, an increase of 47.4% from NT$5.5 million in the prior-year period.

The normalized profit margin declined to 3.3% from 5.4% in the year-earlier period.

Total revenue increased year over year to NT$242.7 million from NT$102.9 million, and total operating expenses rose year over year to NT$231.7 million from NT$94.9 million.

Reported net income increased 8.4% year over year to NT$11.8 million, or 40 cents per share, from NT$10.9 million, or 37 cents per share.

For the year, the company's normalized net income totaled 71 cents per share, an increase from 26 cents per share in the prior year.

Normalized net income was NT$21.0 million, an increase from NT$7.6 million in the prior year.

Full-year total revenue grew 42.2% year over year to NT$603.3 million from NT$424.3 million, and total operating expenses increased 37.0% year over year to NT$570.4 million from NT$416.5 million.

The company said reported net income increased on an annual basis to NT$98.3 million, or NT$3.33 per share, in the full year, from NT$30.4 million, or NT$1.03 per share.

As of March 11, US$1 was equivalent to NT$32.70.