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Taiwan Taffeta Fabric Q1 profit climbs YOY

Taiwan Taffeta Fabric Co. Ltd. said its first-quarter normalized net income came to NT$18.9 million, a gain from NT$1.2 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 3.6% from 0.3% in the year-earlier period.

Total revenue rose 16.2% on an annual basis to NT$529.9 million from NT$456.1 million, and total operating expenses climbed 8.7% year over year to NT$498.8 million from NT$459.1 million.

Reported net income grew from the prior-year period to NT$26.3 million, or 20 cents per share, from NT$6.6 million, or 5 cents per share.

As of May 13, US$1 was equivalent to NT$30.62.