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Formosa Chemicals & Fibre profit misses consensus by 24.4% in Q3

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Formosa Chemicals & Fibre profit misses consensus by 24.4% in Q3

Formosa Chemicals & Fibre Corp. said its third-quarter normalized net income came to NT$2.06 per share, compared with the S&P Capital IQ consensus estimate of NT$2.72 per share.

EPS rose 30.1% year over year from NT$1.58.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$12.02 billion, a gain of 29.9% from NT$9.25 billion in the year-earlier period.

The normalized profit margin climbed to 13.5% from 11.6% in the year-earlier period.

Total revenue rose 10.3% on an annual basis to NT$88.20 billion from NT$79.94 billion, and total operating expenses rose 8.3% year over year to NT$77.64 billion from NT$71.69 billion.

Reported net income rose 21.1% on an annual basis to NT$18.09 billion, or NT$3.10 per share, from NT$14.94 billion, or NT$2.56 per share.

As of Nov. 8, US$1 was equivalent to NT$30.17.