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Formosa International Hotels profit misses consensus by 38.7% in Q3

Formosa International Hotels Corp. said its normalized net income for the third quarter came to NT$1.19 per share, compared with the S&P Capital IQ consensus estimate of NT$1.93 per share.

EPS declined 9.0% year over year from NT$1.30.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$156.0 million, a decrease of 8.6% from NT$170.7 million in the prior-year period.

The normalized profit margin fell to 10.1% from 11.0% in the year-earlier period.

Total revenue came to NT$1.55 billion, compared with NT$1.55 billion in the prior-year period, and total operating expenses came to NT$1.26 billion, compared with NT$1.27 billion in the year-earlier period.

Reported net income declined from the prior-year period to NT$218.6 million, or NT$1.66 per share, from NT$228.3 million, or NT$1.74 per share.

As of Nov. 9, US$1 was equivalent to NT$32.83.