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Universal Textile Q1 profit climbs YOY

Universal Textile Co. Ltd. said its normalized net income for the first quarter amounted to 7 Taiwan cents per share, an increase from 4 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$10.4 million, an increase from NT$5.1 million in the year-earlier period.

The normalized profit margin climbed to 2.2% from 1.1% in the year-earlier period.

Total revenue increased on an annual basis to NT$472.5 million from NT$458.3 million, and total operating expenses totaled NT$456.3 million, compared with NT$453.9 million in the year-earlier period.

Reported net income grew 50.0% on an annual basis to NT$16.7 million, or 12 cents per share, from NT$11.1 million, or 8 cents per share.

As of May 14, US$1 was equivalent to NT$30.54.