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Formosa Taffeta profit misses consensus by 51.5% in Q4

Formosa Taffeta Co. Ltd. said its normalized net income for the fourth quarter amounted to 20 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 42 cents per share.

EPS declined 24.5% year over year from 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$342.7 million, a decline of 24.5% from NT$453.9 million in the prior-year period.

The normalized profit margin dropped to 3.4% from 4.0% in the year-earlier period.

Total revenue decreased 12.2% on an annual basis to NT$9.98 billion from NT$11.36 billion, and total operating expenses fell 13.6% from the prior-year period to NT$9.19 billion from NT$10.63 billion.

Reported net income fell 7.8% on an annual basis to NT$604.8 million, or 36 cents per share, from NT$656.2 million, or 39 cents per share.

For the year, the company's normalized net income totaled NT$1.24 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of NT$1.86.

EPS declined 9.9% from NT$1.37 in the prior year.

Normalized net income was NT$2.08 billion, a fall of 9.8% from NT$2.31 billion in the prior year.

Full-year total revenue fell 11.0% from the prior-year period to NT$42.87 billion from NT$48.19 billion, and total operating expenses decreased 12.7% on an annual basis to NT$39.54 billion from NT$45.29 billion.

The company said reported net income decreased 19.6% on an annual basis to NT$2.83 billion, or NT$1.68 per share, in the full year, from NT$3.52 billion, or NT$2.09 per share.

As of March 28, US$1 was equivalent to NT$32.62.