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Redwood Group profit misses consensus by 25.3% in Q3

Redwood Group Ltd. said its third-quarter normalized net income amounted to 70 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 94 cents per share.

EPS climbed 54.9% year over year from 45 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$35.4 million, an increase of 54.4% from NT$22.9 million in the prior-year period.

The normalized profit margin rose to 8.4% from 5.3% in the year-earlier period.

Total revenue decreased on an annual basis to NT$421.2 million from NT$434.9 million, and total operating expenses decreased 8.0% on an annual basis to NT$368.2 million from NT$400.1 million.

Reported net income rose 51.3% on an annual basis to NT$42.1 million, or 84 cents per share, from NT$27.8 million, or 55 cents per share.

As of Nov. 10, US$1 was equivalent to NT$32.74.