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Ve Wong profit beats consensus by 23.8% in Q3

Ve Wong Corp. said its third-quarter normalized net income was 36 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 29 cents per share.

EPS rose 85.2% year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$85.3 million, an increase of 85.2% from NT$46.1 million in the prior-year period.

The normalized profit margin rose to 4.7% from 3.2% in the year-earlier period.

Total revenue increased 25.3% year over year to NT$1.80 billion from NT$1.44 billion, and total operating expenses climbed 18.9% on an annual basis to NT$1.62 billion from NT$1.36 billion.

Reported net income grew on an annual basis to NT$111.7 million, or 47 cents per share, from NT$40.4 million, or 17 cents per share.

As of Nov. 16, US$1 was equivalent to NT$32.83.