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Formosa International Hotels profit misses consensus by 18.7% in Q2

Formosa International Hotels Corp. said its normalized net income for the second quarter amounted to NT$1.62 per share, compared with the S&P Capital IQ consensus estimate of NT$2.00 per share.

EPS climbed 21.9% year over year from NT$1.33.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$213.9 million, an increase of 22.6% from NT$174.5 million in the prior-year period.

The normalized profit margin rose to 13.0% from 11.4% in the year-earlier period.

Total revenue increased 7.2% year over year to NT$1.64 billion from NT$1.53 billion, and total operating expenses rose from the prior-year period to NT$1.28 billion from NT$1.23 billion.

Reported net income increased 27.9% from the prior-year period to NT$292.8 million, or NT$2.22 per share, from NT$228.9 million, or NT$1.75 per share.

As of Aug. 6, US$1 was equivalent to NT$31.63.