Hotai Motor Co. Ltd. said its third-quarter normalized net income was NT$2.80 per share, compared with the S&P Capital IQ consensus estimate of NT$4.91 per share.

EPS decreased 9.8% year over year from NT$3.11.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$1.53 billion, a decline of 9.8% from NT$1.70 billion in the prior-year period.

The normalized profit margin rose to 4.6% from 4.4% in the year-earlier period.

Total revenue decreased 13.7% on an annual basis to NT$33.50 billion from NT$38.83 billion, and total operating expenses decreased 12.8% on an annual basis to NT$31.78 billion from NT$36.44 billion.

Reported net income fell 8.6% year over year to NT$2.21 billion, or NT$4.05 per share, from NT$2.42 billion, or NT$4.43 per share.

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