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Kwong Fong Industries Q3 loss widens YOY

Kwong Fong Industries Corp. said its normalized net income for the third quarter came to a loss of 10 Taiwan cents per share, compared with a loss of 3 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 a loss of NT$20.6 million, compared with a loss of NT$5.0 million in the prior-year period.

The normalized profit margin declined to negative 14.6% from negative 12.4% in the year-earlier period.

Total revenue climbed on an annual basis to NT$140.8 million from NT$40.1 million, and total operating expenses climbed from the prior-year period to NT$160.3 million from NT$61.4 million.

Reported net income totaled NT$141.2 million, or 67 cents per share, compared to a loss of NT$71.4 million, or a loss of 37 cents per share, in the year-earlier period.

As of Nov. 15, US$1 was equivalent to NT$31.78.