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Samsung C&T profit misses consensus by 49.2% in Q1

Samsung C&T Corp. said its first-quarter normalized net income came to 214.92 South Korean won per share, compared with the S&P Capital IQ consensus estimate of 423.01 won per share.

EPS declined 7.5% year over year from 232.28 won.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 24.92 billion won, a gain from 24.60 billion won in the prior-year period.

The normalized profit margin dropped to 1.6% from 2.1% in the year-earlier period.

Total revenue increased 10.3% on an annual basis to 1.273 trillion won from 1.153 trillion won, and total operating expenses increased 11.7% from the prior-year period to 1.267 trillion won from 1.134 trillion won.

Reported net income decreased 48.9% year over year to 11.56 billion won, or 99.65 won per share, from 22.61 billion won, or 213.54 won per share.

As of May 15, US$1 was equivalent to 1,083.65 South Korean won.