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Farglory Hotel Q4 profit climbs 11.5% YOY

Farglory Hotel Co. Ltd. said its fourth-quarter normalized net income amounted to 9 Taiwan cents per share, a gain of 11.5% from 8 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$9.8 million, an increase of 11.5% from NT$8.8 million in the year-earlier period.

The normalized profit margin rose to 8.4% from 6.7% in the year-earlier period.

Total revenue fell 11.0% on an annual basis to NT$116.5 million from NT$130.8 million, and total operating expenses fell 11.9% on an annual basis to NT$103.2 million from NT$117.1 million.

Reported net income totaled NT$12.6 million, or 12 cents per share, compared to NT$12.6 million, or 11 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled 64 cents per share, a decrease of 9.1% from 70 cents per share in the prior year.

Normalized net income was NT$66.7 million, a decline of 9.1% from NT$73.4 million in the prior year.

Full-year total revenue fell 8.0% year over year to NT$555.0 million from NT$603.0 million, and total operating expenses declined 7.0% on an annual basis to NT$451.5 million from NT$485.7 million.

The company said reported net income declined 10.6% on an annual basis to NT$88.2 million, or 84 cents per share, in the full year, from NT$98.7 million, or 94 cents per share.

As of March 11, US$1 was equivalent to NT$32.70.