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Kenda Rubber Industrial profit misses consensus by 45.9% in Q1

Kenda Rubber Industrial Co. Ltd. said its first-quarter normalized net income came to 50 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 92 cents per share.

EPS fell 35.8% year over year from 77 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$433.4 million, a decrease of 35.7% from NT$674.5 million in the year-earlier period.

The normalized profit margin fell to 5.8% from 8.5% in the year-earlier period.

Total revenue declined 5.9% on an annual basis to NT$7.43 billion from NT$7.90 billion, and total operating expenses decreased year over year to NT$6.71 billion from NT$6.90 billion.

Reported net income declined 33.3% on an annual basis to NT$571.9 million, or 65 cents per share, from NT$857.7 million, or 98 cents per share.

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