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Hwa Fong Rubber Ind. Q3 profit falls YOY

Hwa Fong Rubber Ind. Co. Ltd. said its normalized net income for the third quarter amounted to 16 Taiwan cents per share, a decrease of 29.6% from 23 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$53.6 million, a decrease of 31.6% from NT$78.5 million in the year-earlier period.

The normalized profit margin declined to 3.4% from 4.5% in the year-earlier period.

Total revenue decreased 8.4% on an annual basis to NT$1.59 billion from NT$1.74 billion, and total operating expenses fell 11.2% year over year to NT$1.39 billion from NT$1.57 billion.

Reported net income declined 93.9% from the prior-year period to NT$6.5 million, or 2 cents per share, from NT$107.8 million, or 31 cents per share.

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