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First Resources profit misses consensus by 16.6% in Q3

First Resources Ltd. said its normalized net income for the third quarter amounted to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

EPS fell 32.1% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $26.7 million, a decline of 32.1% from $39.3 million in the year-earlier period.

The normalized profit margin declined to 22.2% from 26.4% in the year-earlier period.

Total revenue declined 27.6% year over year to $107.8 million from $148.8 million, and total operating expenses decreased 30.3% from the prior-year period to $53.7 million from $77.1 million.

Reported net income declined 26.5% on an annual basis to $31.7 million, or 2 cents per share, from $43.1 million, or 3 cents per share.