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Tainan Spinning profit beats consensusin Q2

Tainan Spinning Co. Ltd. said its second-quarter normalized net income came to 20 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

EPS rose year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$336.4 million, a gain from NT$126.2 million in the year-earlier period.

The normalized profit margin rose to 5.6% from 2.4% in the year-earlier period.

Total revenue climbed 14.4% year over year to NT$5.97 billion from NT$5.21 billion, and total operating expenses rose 11.0% from the prior-year period to NT$5.64 billion from NT$5.08 billion.

Reported net income increased on an annual basis to NT$431.0 million, or 26 cents per share, from NT$132.6 million, or 8 cents per share.

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