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Kenda Rubber Industrial profit misses consensus by 29.2% in Q4

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Kenda Rubber Industrial profit misses consensus by 29.2% in Q4

Kenda Rubber Industrial Co. Ltd. said its fourth-quarter normalized net income was 66 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 93 cents per share.

EPS fell 13.2% year over year from 76 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$576.8 million, a decrease of 13.2% from NT$664.2 million in the prior-year period.

The normalized profit margin dropped to 8.0% from 8.4% in the year-earlier period.

Total revenue decreased 8.0% year over year to NT$7.25 billion from NT$7.88 billion, and total operating expenses declined 8.1% on an annual basis to NT$6.42 billion from NT$6.99 billion.

Reported net income declined 20.1% on an annual basis to NT$780.9 million, or 89 cents per share, from NT$977.0 million, or NT$1.12 per share.

For the year, the company's normalized net income totaled NT$3.07 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of NT$4.00.

EPS declined 6.2% from NT$3.27 in the prior year.

Normalized net income was NT$2.69 billion, a decrease of 6.2% from NT$2.86 billion in the prior year.

Full-year total revenue fell 6.2% from the prior-year period to NT$31.24 billion from NT$33.29 billion, and total operating expenses decreased 5.1% year over year to NT$27.51 billion from NT$28.99 billion.

The company said reported net income fell 5.8% on an annual basis to NT$3.47 billion, or NT$3.96 per share, in the full year, from NT$3.68 billion, or NT$4.21 per share.

As of March 29, US$1 was equivalent to NT$32.58.