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Formosa Plastics profit misses consensus by 29.7% in Q2

Formosa Plastics Corp. said its normalized net income for the second quarter was NT$1.14 per share, compared with the S&P Capital IQ consensus estimate of NT$1.63 per share.

In the prior-year period, the per-share result came in at a profit of NT$1.14.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$7.29 billion, compared with NT$7.28 billion in the prior-year period.

The normalized profit margin dropped to 13.9% from 16.3% in the year-earlier period.

Total revenue grew 16.9% year over year to NT$52.37 billion from NT$44.80 billion, and total operating expenses climbed 11.9% on an annual basis to NT$46.83 billion from NT$41.83 billion.

Reported net income declined 5.1% from the prior-year period to NT$9.71 billion, or NT$1.53 per share, from NT$10.23 billion, or NT$1.61 per share.

As of Aug. 9, US$1 was equivalent to NT$30.21.