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First Resources profit misses consensus by 26.7% in Q1

First Resources Ltd. said its first-quarter normalized net income was 1 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

EPS decreased 33.2% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.2 million, a decrease of 33.2% from $34.7 million in the year-earlier period.

The normalized profit margin rose to 21.1% from 19.5% in the year-earlier period.

Total revenue fell 45.9% year over year to $96.3 million from $177.9 million, and total operating expenses fell 57.1% from the prior-year period to $50.6 million from $117.9 million.

Reported net income fell 38.4% year over year to $27.7 million, or 2 cents per share, from $45.0 million, or 3 cents per share.