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Hung Chou Fiber Q4 loss narrows YOY

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Hung Chou Fiber Q4 loss narrows YOY

Hung Chou Fiber Ind. Co. Ltd. said its fourth-quarter normalized net income was a loss of 21 Taiwan cents per share, compared with a loss of 47 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$27.3 million, compared with a loss of NT$47.8 million in the prior-year period.

The normalized profit margin increased to negative 4.4% from negative 6.0% in the year-earlier period.

Total revenue fell 21.7% on an annual basis to NT$626.0 million from NT$799.2 million, and total operating expenses declined 23.8% on an annual basis to NT$666.7 million from NT$874.9 million.

Reported net income totaled NT$32.0 million, or 24 cents per share, compared to a loss of NT$73.5 million, or a loss of 73 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of NT$1.05 per share, compared with a loss of NT$1.48 per share in the prior year.

Normalized net income was a loss of NT$123.8 million, compared with a loss of NT$149.4 million in the prior year.

Full-year total revenue declined 27.8% year over year to NT$2.53 billion from NT$3.51 billion, and total operating expenses declined 27.3% on an annual basis to NT$2.72 billion from NT$3.74 billion.

The company said reported net income came to NT$3.6 million, or 3 cents per share, in the full year, compared with a loss of NT$245.7 million, or a loss of NT$2.44 per share, the prior year.

As of March 30, US$1 was equivalent to NT$32.18.