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Far Eastern Department Stores profit beats consensus by 79.1% in Q3

Far Eastern Department Stores Ltd. said its normalized net income for the third quarter amounted to 41 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS climbed year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$580.9 million, an increase from NT$252.1 million in the prior-year period.

The normalized profit margin climbed to 5.7% from 2.4% in the year-earlier period.

Total revenue declined year over year to NT$10.26 billion from NT$10.65 billion, and total operating expenses declined on an annual basis to NT$10.02 billion from NT$10.24 billion.

Reported net income rose year over year to NT$730.3 million, or 51 cents per share, from NT$329.5 million, or 23 cents per share.

As of Nov. 16, US$1 was equivalent to NT$32.83.