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Formosa Petrochemical profit misses consensus by 76.0% in Q1

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Formosa Petrochemical profit misses consensus by 76.0% in Q1

Formosa Petrochemical Corp. said its first-quarter normalized net income came to 8 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS decreased 87.7% year over year from 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$806.8 million, a decrease of 87.7% from NT$6.55 billion in the prior-year period.

The normalized profit margin fell to 0.5% from 2.5% in the year-earlier period.

Total revenue fell 41.1% on an annual basis to NT$155.03 billion from NT$263.36 billion, and total operating expenses declined 39.8% from the prior-year period to NT$153.79 billion from NT$255.48 billion.

Reported net income fell 87.2% on an annual basis to NT$1.12 billion, or 12 cents per share, from NT$8.78 billion, or 92 cents per share.

As of May 6, US$1 was equivalent to NT$30.61.