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Nien Hsing Textile profit misses consensus by 70.1% in Q1

Nien Hsing Textile Co. Ltd. said its normalized net income for the first quarter came to 20 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 66 cents per share.

EPS fell 73.9% year over year from 76 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$39.3 million, a decrease of 73.9% from NT$150.7 million in the year-earlier period.

The normalized profit margin dropped to 1.4% from 4.9% in the year-earlier period.

Total revenue decreased 10.8% year over year to NT$2.74 billion from NT$3.08 billion, and total operating expenses fell 9.9% year over year to NT$2.69 billion from NT$2.98 billion.

Reported net income decreased 81.3% on an annual basis to NT$48.0 million, or 24 cents per share, from NT$256.2 million, or NT$1.29 per share.

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