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Formosa Optical Technology profit misses consensus by 16.3% in Q1

Formosa Optical Technology Co. Ltd. said its normalized net income for the first quarter was NT$1.20 per share, compared with the S&P Capital IQ consensus estimate of NT$1.43 per share.

EPS fell year over year from NT$1.21.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$72.1 million, a decline from NT$72.8 million in the year-earlier period.

The normalized profit margin fell to 11.4% from 12.3% in the year-earlier period.

Total revenue grew 6.3% on an annual basis to NT$631.5 million from NT$594.1 million, and total operating expenses increased 6.8% from the prior-year period to NT$589.1 million from NT$551.5 million.

Reported net income came to NT$98.0 million, or NT$1.63 per share, compared to NT$97.3 million, or NT$1.62 per share, in the prior-year period.

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