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Hu Lane Associate profit misses consensus by 34.8% in Q1

Hu Lane Associate Inc. said its normalized net income for the first quarter came to NT$1.45 per share, compared with the S&P Capital IQ consensus estimate of NT$2.23 per share.

EPS declined 5.5% year over year from NT$1.54.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$141.9 million, a decrease of 5.6% from NT$150.3 million in the year-earlier period.

The normalized profit margin declined to 15.6% from 17.8% in the year-earlier period.

Total revenue grew 8.1% year over year to NT$911.6 million from NT$843.6 million, and total operating expenses grew 13.9% from the prior-year period to NT$668.2 million from NT$586.7 million.

Reported net income decreased 6.4% from the prior-year period to NT$172.8 million, or NT$1.77 per share, from NT$184.5 million, or NT$1.89 per share.

As of May 13, US$1 was equivalent to NT$32.68.