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Singtex Industrial Q1 profit falls YOY

Singtex Industrial Co. Ltd. said its first-quarter normalized net income amounted to 6 Taiwan cents per share, a decline of 88.2% from 53 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$1.9 million, a decline of 86.2% from NT$13.7 million in the year-earlier period.

The normalized profit margin fell to 0.6% from 3.9% in the year-earlier period.

Total revenue fell 7.1% on an annual basis to NT$322.2 million from NT$346.6 million, and total operating expenses decreased from the prior-year period to NT$319.6 million from NT$331.2 million.

Reported net income declined 96.4% on an annual basis to NT$602,020, or 2 cents per share, from NT$16.7 million, or 65 cents per share.

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