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Federal profit misses consensus by 56.1% in Q1

Federal Corp. said its first-quarter normalized net income amounted to 16 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 36 cents per share.

EPS declined 43.7% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$72.0 million, a decline of 43.8% from NT$128.0 million in the prior-year period.

The normalized profit margin declined to 3.6% from 6.2% in the year-earlier period.

Total revenue fell on an annual basis to NT$1.98 billion from NT$2.08 billion, and total operating expenses decreased year over year to NT$1.85 billion from NT$1.88 billion.

Reported net income fell 38.9% on an annual basis to NT$97.8 million, or 21 cents per share, from NT$160.3 million, or 35 cents per share.

As of May 13, US$1 was equivalent to NT$30.62.