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Formosa Plastics profit misses consensus by 36.2% in Q1

Formosa Plastics Corp. said its normalized net income for the first quarter amounted to 42 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 66 cents per share.

EPS declined 19.6% year over year from 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$2.68 billion, a decrease of 19.6% from NT$3.33 billion in the year-earlier period.

The normalized profit margin fell to 5.6% from 6.4% in the year-earlier period.

Total revenue declined 8.3% on an annual basis to NT$47.70 billion from NT$51.99 billion, and total operating expenses fell 12.1% year over year to NT$44.76 billion from NT$50.90 billion.

Reported net income declined 49.3% from the prior-year period to NT$3.64 billion, or 57 cents per share, from NT$7.18 billion, or NT$1.13 per share.

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