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Formosa Oilseed Processing swings to profit in Q3

Formosa Oilseed Processing Co. Ltd. said its third-quarter normalized net income amounted to 16 Taiwan cents per share, compared with a loss of 20 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$36.0 million, compared with a loss of NT$40.4 million in the year-earlier period.

The normalized profit margin rose to 1.3% from negative 1.3% in the year-earlier period.

Total revenue declined 12.6% year over year to NT$2.71 billion from NT$3.10 billion, and total operating expenses declined 16.7% from the prior-year period to NT$2.63 billion from NT$3.15 billion.

Reported net income totaled NT$52.5 million, or 24 cents per share, compared to a loss of NT$60.5 million, or a loss of 29 cents per share, in the year-earlier period.

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