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TTET Union Q1 profit falls YOY

TTET Union Corp. said its first-quarter normalized net income came to NT$1.13 per share, a decrease of 17.0% from NT$1.36 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$180.8 million, a decline of 17.0% from NT$217.7 million in the year-earlier period.

The normalized profit margin fell to 3.8% from 3.9% in the year-earlier period.

Total revenue fell 14.0% on an annual basis to NT$4.75 billion from NT$5.53 billion, and total operating expenses declined 14.5% from the prior-year period to NT$4.46 billion from NT$5.22 billion.

Reported net income declined 16.6% year over year to NT$241.7 million, or NT$1.51 per share, from NT$289.6 million, or NT$1.81 per share.

As of May 14, US$1 was equivalent to NT$30.54.