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Shin Tai Industry Q3 profit falls YOY

Shin Tai Industry Co. Ltd. said its normalized net income for the third quarter was 57 Taiwan cents per share, a decline of 25.6% from 77 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 NT$33.5 million, a decline of 25.1% from NT$44.7 million in the prior-year period.

The normalized profit margin fell to 90.7% from 100.1% in the year-earlier period.

Total revenue declined 32.8% year over year to NT$30.0 million from NT$44.7 million, and total operating expenses decreased 47.6% year over year to NT$29.1 million from NT$55.5 million.

Reported net income declined 23.5% on an annual basis to NT$55.9 million, or 95 cents per share, from NT$73.1 million, or NT$1.25 per share.

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