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Formosa Plastics profit misses consensus by 18.4% in Q1

Formosa Plastics Corp. said its normalized net income for the first quarter was NT$1.06 per share, compared with the S&P Capital IQ consensus estimate of NT$1.29 per share.

EPS increased 61.8% year over year from 65 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$6.73 billion, an increase of 61.8% from NT$4.16 billion in the prior-year period.

The normalized profit margin climbed to 14.1% from 9.7% in the year-earlier period.

Total revenue increased 11.7% on an annual basis to NT$47.80 billion from NT$42.78 billion, and total operating expenses increased 6.0% on an annual basis to NT$42.31 billion from NT$39.90 billion.

Reported net income increased 73.1% year over year to NT$9.89 billion, or NT$1.55 per share, from NT$5.71 billion, or 90 cents per share.

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