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Tong Yang Industry profit misses consensus by 19.8% in Q1

Tong Yang Industry Co. Ltd. said its normalized net income for the first quarter amounted to 48 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 60 cents per share.

In the prior-year period, the per-share result came in at a profit of 48 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$294.5 million, compared with NT$292.9 million in the year-earlier period.

The normalized profit margin declined to 5.2% from 5.6% in the year-earlier period.

Total revenue grew 7.9% on an annual basis to NT$5.61 billion from NT$5.20 billion, and total operating expenses climbed 5.6% year over year to NT$5.13 billion from NT$4.86 billion.

Reported net income rose from the prior-year period to NT$417.5 million, or 68 cents per share, from NT$401.5 million, or 65 cents per share.

As of April 30, US$1 was equivalent to NT$30.64.