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Formosa Petrochemical profit misses consensus by 45.7% in Q2

Formosa Petrochemical Corp. said its second-quarter normalized net income was 97 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.79 per share.

EPS fell 52.7% year over year from NT$2.06.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$9.28 billion, a decline of 52.7% from NT$19.61 billion in the year-earlier period.

The normalized profit margin dropped to 6.7% from 13.9% in the year-earlier period.

Total revenue decreased year over year to NT$138.92 billion from NT$140.95 billion, and total operating expenses increased 14.0% on an annual basis to NT$125.62 billion from NT$110.19 billion.

Reported net income declined 53.3% on an annual basis to NT$12.05 billion, or NT$1.27 per share, from NT$25.83 billion, or NT$2.71 per share.

As of Aug. 3, US$1 was equivalent to NT$30.21.