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Formosa Chemicals & Fibre Q1 profit climbs 71.5% YOY

Formosa Chemicals & Fibre Corp. said its first-quarter normalized net income came to NT$1.35 per share, compared with the S&P Capital IQ consensus estimate of NT$1.45 per share.

EPS climbed 71.6% year over year from 79 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$7.90 billion, an increase of 71.5% from NT$4.61 billion in the year-earlier period.

The normalized profit margin rose to 8.9% from 6.1% in the year-earlier period.

Total revenue grew 17.8% year over year to NT$89.26 billion from NT$75.80 billion, and total operating expenses grew 12.7% from the prior-year period to NT$77.51 billion from NT$68.80 billion.

Reported net income increased 73.3% year over year to NT$11.71 billion, or NT$2.00 per share, from NT$6.76 billion, or NT$1.16 per share.

As of May 5, US$1 was equivalent to NT$30.16.