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Taiwan Taffeta Fabric Q2 profit climbs YOY

Taiwan Taffeta Fabric Co. Ltd. said its second-quarter normalized net income was 21 Taiwan cents per share, a gain from 8 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$27.1 million, a gain from NT$10.2 million in the prior-year period.

The normalized profit margin rose to 4.9% from 1.8% in the year-earlier period.

Total revenue totaled NT$557.0 million, compared with NT$554.3 million in the year-earlier period, and total operating expenses declined year over year to NT$512.7 million from NT$535.2 million.

Reported net income rose year over year to NT$38.2 million, or 29 cents per share, from NT$14.4 million, or 11 cents per share.

As of Aug. 10, US$1 was equivalent to NT$31.65.