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Everest Textile Q4 profit climbs 13.9% YOY

Everest Textile Co. Ltd. said its normalized net income for the fourth quarter amounted to 29 Taiwan cents per share, an increase of 13.8% from 25 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$132.7 million, a gain of 13.9% from NT$116.5 million in the prior-year period.

The normalized profit margin increased to 6.1% from 5.0% in the year-earlier period.

Total revenue declined 6.3% on an annual basis to NT$2.17 billion from NT$2.32 billion, and total operating expenses fell 9.7% from the prior-year period to NT$1.97 billion from NT$2.19 billion.

Reported net income rose 20.2% from the prior-year period to NT$184.6 million, or 40 cents per share, from NT$153.6 million, or 34 cents per share.

For the year, the company's normalized net income totaled 71 cents per share, a gain of 19.8% from 59 cents per share in the prior year.

Normalized net income was NT$324.8 million, an increase of 20.0% from NT$270.7 million in the prior year.

Full-year total revenue totaled NT$8.19 billion, compared with NT$8.16 billion in the prior year, and total operating expenses decreased year over year to NT$7.69 billion from NT$7.83 billion.

The company said reported net income increased 21.3% on an annual basis to NT$452.2 million, or 99 cents per share, in the full year, from NT$372.7 million, or 82 cents per share.

As of March 25, US$1 was equivalent to NT$32.56.