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Nan Ya Plastics profit misses consensus by 47.0% in Q1

Nan Ya Plastics Corp. said its normalized net income for the first quarter was 51 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 96 cents per share.

EPS decreased 29.3% year over year from 72 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$4.03 billion, a decrease of 29.3% from NT$5.70 billion in the year-earlier period.

The normalized profit margin fell to 6.2% from 7.2% in the year-earlier period.

Total revenue fell 17.7% on an annual basis to NT$65.47 billion from NT$79.53 billion, and total operating expenses fell 15.0% on an annual basis to NT$62.02 billion from NT$73.00 billion.

Reported net income declined 32.5% year over year to NT$5.37 billion, or 68 cents per share, from NT$7.95 billion, or NT$1.00 per share.

As of May 19, US$1 was equivalent to NT$32.76.