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Tung Ho Textile swings to profit in Q3

Tung Ho Textile Co. Ltd. said its normalized net income for the third quarter came to 4 Taiwan cents per share, compared with a loss of 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$8.9 million, compared with a loss of NT$8.2 million in the year-earlier period.

The normalized profit margin rose to 3.3% from negative 2.2% in the year-earlier period.

Total revenue decreased 30.2% on an annual basis to NT$267.0 million from NT$382.5 million, and total operating expenses decreased 33.5% from the prior-year period to NT$271.7 million from NT$408.3 million.

Reported net income totaled NT$13.2 million, or 6 cents per share, compared to a loss of NT$11.0 million, or a loss of 5 cents per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to NT$32.83.