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Formosa International Hotels profit misses consensus by 40.6% in Q1

Formosa International Hotels Corp. said its first-quarter normalized net income amounted to NT$1.68 per share, compared with the S&P Capital IQ consensus estimate of NT$2.84 per share.

EPS decreased year over year from NT$1.71.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$222.0 million, a decrease from NT$225.0 million in the prior-year period.

The normalized profit margin declined to 12.8% from 15.0% in the year-earlier period.

Total revenue increased 15.9% year over year to NT$1.73 billion from NT$1.50 billion, and total operating expenses climbed 17.1% year over year to NT$1.34 billion from NT$1.15 billion.

Reported net income came to NT$304.8 million, or NT$2.31 per share, compared to NT$302.2 million, or NT$2.30 per share, in the prior-year period.

As of May 8, US$1 was equivalent to NT$30.70.