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Kang Na Hsiung Enterprise Q1 profit falls YOY

Kang Na Hsiung Enterprise Co. Ltd. said its first-quarter normalized net income was 3 Taiwan cents per share, a decrease of 19.4% from 4 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$6.4 million, a decline of 19.3% from NT$8.0 million in the year-earlier period.

The normalized profit margin dropped to 0.6% from 0.7% in the year-earlier period.

Total revenue decreased 10.2% year over year to NT$1.05 billion from NT$1.17 billion, and total operating expenses decreased 9.7% on an annual basis to NT$1.06 billion from NT$1.17 billion.

Reported net income fell 62.5% from the prior-year period to NT$5.9 million, or 3 cents per share, from NT$15.8 million, or 8 cents per share.

As of May 15, US$1 was equivalent to NT$30.44.