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Inoue Rubber profit misses consensus by 17.0% in fiscal Q4

Inoue Rubber (Thailand) PCL said its normalized net income for the fiscal fourth quarter ended Sept. 30 was 46 satang per share, compared with the S&P Capital IQ consensus estimate of 55 satang per share.

EPS rose 42.0% year over year from 32 satang.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 91.3 million baht, a gain of 42.0% from 64.3 million baht in the prior-year period.

The normalized profit margin increased to 7.6% from 4.7% in the year-earlier period.

Total revenue fell 11.3% year over year to 1.21 billion baht from 1.36 billion baht, and total operating expenses decreased 15.4% year over year to 1.06 billion baht from 1.25 billion baht.

Reported net income grew 39.7% from the prior-year period to 114.7 million baht, or 57 satang per share, from 82.1 million baht, or 41 satang per share.

For the year, the company's normalized net income totaled 1.66 baht per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 2.19 baht.

EPS rose 44.1% from 1.16 baht in the prior year.

Normalized net income was 333.0 million baht, a gain of 44.1% from 231.1 million baht in the prior year.

Full-year total revenue decreased 5.6% from the prior-year period to 5.19 billion baht from 5.50 billion baht, and total operating expenses decreased 9.2% year over year to 4.64 billion baht from 5.11 billion baht.

The company said reported net income grew 40.8% year over year to 441.5 million baht, or 2.21 baht per share, in the full year, from 313.5 million baht, or 1.57 baht per share.

As of Nov. 24, US$1 was equivalent to 35.76 baht.