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Shin Tai Industry swings to profit in Q2

Shin Tai Industry Co. Ltd. said its second-quarter normalized net income came to 60 Taiwan cents per share, compared with a loss of 27 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$35.1 million, compared with a loss of NT$15.6 million in the year-earlier period.

The normalized profit margin climbed to 87.8% from negative 58.8% in the year-earlier period.

Total revenue grew 50.4% year over year to NT$40.0 million from NT$26.6 million, and total operating expenses grew 46.1% on an annual basis to NT$46.5 million from NT$31.8 million.

Reported net income came to NT$55.4 million, or 94 cents per share, compared to a loss of NT$32.3 million, or a loss of 55 cents per share, in the prior-year period.

As of Aug. 11, US$1 was equivalent to NT$31.26.