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Ve Wong Q1 profit climbs 62.5% YOY

Ve Wong Corp. said its normalized net income for the first quarter came to 23 Taiwan cents per share, an increase of 62.5% from 14 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$54.8 million, a gain of 62.5% from NT$33.7 million in the prior-year period.

The normalized profit margin rose to 3.5% from 2.0% in the year-earlier period.

Total revenue declined 6.4% year over year to NT$1.55 billion from NT$1.65 billion, and total operating expenses decreased from the prior-year period to NT$1.40 billion from NT$1.47 billion.

Reported net income fell 26.0% year over year to NT$88.0 million, or 37 cents per share, from NT$118.9 million, or 50 cents per share.

As of May 16, US$1 was equivalent to NT$32.63.