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Industries Qatar profit misses consensus by 45.7% in Q1

Industries Qatar QSC said its first-quarter normalized net income was 98 Qatari dirhams per share, compared with the S&P Capital IQ consensus estimate of 1.81 riyals per share.

EPS decreased 40.0% year over year from 1.64 riyals.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 594.1 million riyals, a decline of 40.0% from 990.5 million riyals in the year-earlier period.

The normalized profit margin dropped to 45.3% from 74.9% in the year-earlier period.

Total revenue totaled 1.31 billion riyals, compared with 1.32 billion riyals in the prior-year period, and total operating expenses climbed 15.1% year over year to 1.15 billion riyals from 999.1 million riyals.

Reported net income declined 40.0% year over year to 950.6 million riyals, or 1.57 riyals per share, from 1.58 billion riyals, or 2.62 riyals per share.

As of April 20, US$1 was equivalent to 3.64 Qatari riyals.