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Tainan Spinning Q1 profit climbs 52.3% YOY

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Tainan Spinning Q1 profit climbs 52.3% YOY

Tainan Spinning Co. Ltd. said its normalized net income for the first quarter was 10 Taiwan cents per share, an increase of 52.4% from 7 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$167.1 million, a gain of 52.3% from NT$109.7 million in the prior-year period.

The normalized profit margin climbed to 3.2% from 2.4% in the year-earlier period.

Total revenue climbed 15.7% year over year to NT$5.28 billion from NT$4.56 billion, and total operating expenses rose 16.7% year over year to NT$5.20 billion from NT$4.46 billion.

Reported net income increased 71.4% from the prior-year period to NT$196.9 million, or 12 cents per share, from NT$114.9 million, or 7 cents per share.

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