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Globalsat Worldcom Q3 profit climbs YOY

Globalsat Worldcom Corp. said its third-quarter normalized net income came to 23 Taiwan cents per share, a gain from 3 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$12.6 million, an increase from NT$1.6 million in the year-earlier period.

The normalized profit margin rose to 6.2% from 1.2% in the year-earlier period.

Total revenue climbed 47.5% on an annual basis to NT$202.3 million from NT$137.2 million, and total operating expenses rose 39.7% on an annual basis to NT$189.7 million from NT$135.8 million.

Reported net income increased on an annual basis to NT$15.9 million, or 29 cents per share, from NT$1.3 million, or 2 cents per share.

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