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Lan Fa Textile profit misses consensus by 36.7% in Q1

Lan Fa Textile Co. Ltd. said its first-quarter normalized net income came to 12 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 19 cents per share.

EPS rose year over year from 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$38.0 million, a gain from NT$8.3 million in the year-earlier period.

The normalized profit margin increased to 3.8% from 0.8% in the year-earlier period.

Total revenue totaled NT$1.00 billion, compared with NT$1.01 billion in the year-earlier period, and total operating expenses fell 5.6% on an annual basis to NT$936.7 million from NT$992.1 million.

Reported net income grew from the prior-year period to NT$88.5 million, or 28 cents per share, from NT$12.6 million, or 4 cents per share.

As of May 12, US$1 was equivalent to NT$30.75.