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Great Wall Enterprise Q1 profit falls YOY

Great Wall Enterprise Co. Ltd. said its first-quarter normalized net income came to 27 Taiwan cents per share, a decline of 36.0% from 42 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$185.5 million, a decline of 36.0% from NT$289.7 million in the prior-year period.

The normalized profit margin fell to 0.9% from 1.3% in the year-earlier period.

Total revenue declined 7.7% year over year to NT$20.08 billion from NT$21.74 billion, and total operating expenses declined 6.7% on an annual basis to NT$19.87 billion from NT$21.30 billion.

Reported net income fell 55.8% from the prior-year period to NT$157.2 million, or 23 cents per share, from NT$355.5 million, or 52 cents per share.

As of May 13, US$1 was equivalent to NT$30.62.