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Ideal Bike Q3 profit falls YOY

Ideal Bike Corp. said its normalized net income for the third quarter was 8 Taiwan cents per share, a decline of 86.0% from 60 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$12.6 million, a decline of 87.2% from NT$98.3 million in the prior-year period.

The normalized profit margin dropped to 1.1% from 5.8% in the year-earlier period.

Total revenue declined 31.8% on an annual basis to NT$1.16 billion from NT$1.70 billion, and total operating expenses declined 30.5% from the prior-year period to NT$1.13 billion from NT$1.63 billion.

Reported net income decreased 82.1% from the prior-year period to NT$21.2 million, or 14 cents per share, from NT$118.6 million, or 72 cents per share.

As of Nov. 11, US$1 was equivalent to NT$31.93.