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Cayman Tung Ling profit misses consensus by 64.3% in Q1

Cayman Tung Ling Co. Ltd. said its first-quarter normalized net income was 20 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.

EPS declined 53.1% year over year from 43 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$7.1 million, a decline of 51.3% from NT$14.6 million in the prior-year period.

The normalized profit margin declined to 2.0% from 4.2% in the year-earlier period.

Total revenue totaled NT$350.0 million, compared with NT$352.0 million in the prior-year period, and total operating expenses increased year over year to NT$337.9 million from NT$333.6 million.

Reported net income decreased 78.3% year over year to NT$3.2 million, or 9 cents per share, from NT$14.5 million, or 43 cents per share.

As of May 14, US$1 was equivalent to NT$30.54.