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Formosa Taffeta profit misses consensus by 29.5% in Q3

Formosa Taffeta Co. Ltd. said its third-quarter normalized net income amounted to 39 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 56 cents per share.

EPS declined 33.1% year over year from 59 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$664.4 million, a decrease of 33.1% from NT$993.1 million in the prior-year period.

The normalized profit margin dropped to 6.5% from 8.4% in the year-earlier period.

Total revenue decreased 13.2% year over year to NT$10.27 billion from NT$11.82 billion, and total operating expenses declined 14.0% on an annual basis to NT$9.67 billion from NT$11.24 billion.

Reported net income fell 35.4% year over year to NT$1.02 billion, or 61 cents per share, from NT$1.58 billion, or 94 cents per share.

As of Nov. 12, US$1 was equivalent to NT$32.73.