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Luhai Holding profit misses consensus by 23.4% in Q2

Luhai Holding Corp. said its second-quarter normalized net income amounted to 60 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 79 cents per share.

EPS decreased 13.2% year over year from 70 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$53.4 million, a decrease from NT$54.4 million in the prior-year period.

The normalized profit margin rose to 8.2% from 7.8% in the year-earlier period.

Total revenue decreased 6.9% on an annual basis to NT$647.8 million from NT$696.0 million, and total operating expenses decreased 7.9% from the prior-year period to NT$563.8 million from NT$611.9 million.

Reported net income totaled NT$66.7 million, or 75 cents per share, compared to NT$66.8 million, or 85 cents per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to NT$31.65.