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Everest Textile Q1 profit climbs 35.9% YOY

Everest Textile Co. Ltd. said its normalized net income for the first quarter was 16 Taiwan cents per share, a gain of 35.6% from 12 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$73.6 million, a gain of 35.9% from NT$54.2 million in the year-earlier period.

The normalized profit margin increased to 3.5% from 2.8% in the year-earlier period.

Total revenue rose 10.0% on an annual basis to NT$2.09 billion from NT$1.90 billion, and total operating expenses increased 6.8% on an annual basis to NT$1.97 billion from NT$1.85 billion.

Reported net income increased 39.2% on an annual basis to NT$109.7 million, or 24 cents per share, from NT$78.8 million, or 17 cents per share.

As of May 12, US$1 was equivalent to NT$30.75.