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Formosa Petrochemical Q1 profit climbs 113.6% YOY

Formosa Petrochemical Corp. said its first-quarter normalized net income came to NT$1.77 per share, compared with the S&P Capital IQ consensus estimate of NT$1.72 per share.

EPS rose 113.6% year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$16.90 billion, an increase of 113.6% from NT$7.92 billion in the prior-year period.

The normalized profit margin rose to 10.3% from 6.4% in the year-earlier period.

Total revenue increased 32.1% on an annual basis to NT$164.49 billion from NT$124.47 billion, and total operating expenses rose 20.4% year over year to NT$135.04 billion from NT$112.12 billion.

Reported net income grew 116.5% on an annual basis to NT$22.62 billion, or NT$2.37 per share, from NT$10.45 billion, or NT$1.10 per share.

As of May 10, US$1 was equivalent to NT$30.25.