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Grand Ocean Retail Q3 loss narrows YOY

Grand Ocean Retail Group Ltd. said its third-quarter normalized net income came to a loss of 15 Taiwan cents per share, compared with a loss of 33 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$27.1 million, compared with a loss of NT$64.6 million in the year-earlier period.

The normalized profit margin climbed to negative 2.2% from negative 4.1% in the year-earlier period.

Total revenue declined 20.3% on an annual basis to NT$1.24 billion from NT$1.56 billion, and total operating expenses declined 11.3% year over year to NT$1.26 billion from NT$1.43 billion.

Reported net income came to a loss of NT$72.1 million, or a loss of 39 cents per share, compared to a loss of NT$489.7 million, or a loss of NT$2.48 per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to NT$31.98.