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Formosa Plastics Q3 profit climbs 48.2% YOY

Formosa Plastics Corp. said its normalized net income for the third quarter amounted to NT$1.76 per share, compared with the S&P Capital IQ consensus estimate of NT$2.07 per share.

EPS climbed 48.2% year over year from NT$1.19.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$11.23 billion, a gain of 48.2% from NT$7.58 billion in the prior-year period.

The normalized profit margin increased to 21.0% from 18.0% in the year-earlier period.

Total revenue climbed 26.9% on an annual basis to NT$53.48 billion from NT$42.14 billion, and total operating expenses climbed 18.4% year over year to NT$47.88 billion from NT$40.44 billion.

Reported net income grew 48.5% from the prior-year period to NT$16.93 billion, or NT$2.66 per share, from NT$11.40 billion, or NT$1.79 per share.

As of Nov. 13, US$1 was equivalent to NT$30.19.