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Formosa Chemicals & Fibre profit misses consensus by 47.4% in Q2

Formosa Chemicals & Fibre Corp. said its second-quarter normalized net income came to 83 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.57 per share.

EPS decreased 48.2% year over year from NT$1.60.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$4.83 billion, a decline of 48.2% from NT$9.32 billion in the prior-year period.

The normalized profit margin fell to 5.9% from 11.5% in the year-earlier period.

Total revenue grew on an annual basis to NT$82.17 billion from NT$81.27 billion, and total operating expenses climbed 10.4% year over year to NT$77.39 billion from NT$70.11 billion.

Reported net income fell 36.5% on an annual basis to NT$8.44 billion, or NT$1.45 per share, from NT$13.29 billion, or NT$2.27 per share.

As of Aug. 4, US$1 was equivalent to NT$30.19.