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Leechi Machinery Industry Q1 profit falls YOY

Leechi Machinery Industry Ltd. Co. said its first-quarter normalized net income came to 4 Taiwan cents per share, a decrease of 77.4% from 20 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$10.1 million, a decrease of 77.4% from NT$44.8 million in the prior-year period.

The normalized profit margin declined to 1.2% from 4.9% in the year-earlier period.

Total revenue declined on an annual basis to NT$886.0 million from NT$915.3 million, and total operating expenses decreased year over year to NT$838.2 million from NT$857.4 million.

Reported net income fell 92.0% year over year to NT$4.6 million, or 2 cents per share, from NT$57.3 million, or 25 cents per share.

As of May 15, US$1 was equivalent to NT$30.44.