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NanKang Rubber Tire Q3 profit climbs YOY

NanKang Rubber Tire Corp. Ltd. said its normalized net income for the third quarter came to 25 Taiwan cents per share, an increase from 2 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$204.8 million, an increase from NT$16.9 million in the year-earlier period.

The normalized profit margin increased to 7.9% from 0.6% in the year-earlier period.

Total revenue declined 6.9% on an annual basis to NT$2.59 billion from NT$2.78 billion, and total operating expenses decreased 13.7% on an annual basis to NT$2.30 billion from NT$2.67 billion.

Reported net income came to NT$230.4 million, or 28 cents per share, compared to a loss of NT$14.7 million, or a loss of 2 cents per share, in the prior-year period.

As of Nov. 12, US$1 was equivalent to NT$32.73.