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Tong Yang Industry Q3 profit climbs YOY

Tong Yang Industry Co. Ltd. said its normalized net income for the third quarter was 58 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 54 cents per share.

EPS increased year over year from 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$357.3 million, a gain from NT$157.3 million in the prior-year period.

The normalized profit margin rose to 6.8% from 3.1% in the year-earlier period.

Total revenue grew on an annual basis to NT$5.24 billion from NT$5.08 billion, and total operating expenses totaled NT$4.90 billion, compared with NT$4.92 billion in the prior-year period.

Reported net income grew year over year to NT$489.4 million, or 80 cents per share, from NT$231.4 million, or 38 cents per share.

As of Nov. 11, US$1 was equivalent to NT$32.72.