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Grand Ocean Retail profit misses consensus by 49.4% in Q1

Grand Ocean Retail Group Ltd. said its first-quarter normalized net income was 75 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.48 per share.

EPS declined 62.5% year over year from NT$2.00.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$145.5 million, a decrease of 63.1% from NT$394.4 million in the year-earlier period.

The normalized profit margin fell to 7.7% from 18.4% in the year-earlier period.

Total revenue fell 11.9% year over year to NT$1.88 billion from NT$2.14 billion, and total operating expenses declined 5.4% from the prior-year period to NT$1.49 billion from NT$1.58 billion.

Reported net income totaled a loss of NT$75.8 million, or a loss of 39 cents per share, compared to income of NT$383.3 million, or NT$1.94 per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$32.68.