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Toung Loong Textile Mfg. profit misses consensus by 31.9% in Q4

Toung Loong Textile Mfg. Co. Ltd. said its normalized net income for the fourth quarter came to 84 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.23 per share.

EPS rose 47.5% year over year from 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$100.8 million, an increase of 47.5% from NT$68.3 million in the prior-year period.

The normalized profit margin rose to 8.9% from 6.6% in the year-earlier period.

Total revenue climbed 10.6% on an annual basis to NT$1.14 billion from NT$1.03 billion, and total operating expenses grew 5.0% year over year to NT$971.8 million from NT$925.2 million.

Reported net income rose 53.2% on an annual basis to NT$129.5 million, or NT$1.08 per share, from NT$84.5 million, or 70 cents per share.

For the year, the company's normalized net income totaled NT$3.49 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of NT$4.57.

EPS rose 17.9% from NT$2.96 in the prior year.

Normalized net income was NT$419.5 million, a rise of 17.9% from NT$355.9 million in the prior year.

Full-year total revenue rose 7.5% year over year to NT$4.65 billion from NT$4.32 billion, and total operating expenses increased year over year to NT$3.94 billion from NT$3.76 billion.

The company said reported net income increased 24.5% year over year to NT$547.2 million, or NT$4.55 per share, in the full year, from NT$439.5 million, or NT$3.65 per share.

As of March 30, US$1 was equivalent to NT$32.18.