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Taiwan Tea Corp. profit misses consensus by 59.0% in Q1

Taiwan Tea Corp. said its first-quarter normalized net income was 4 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

EPS fell 22.8% year over year from 5 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$27.3 million, a decrease of 22.6% from NT$35.2 million in the prior-year period.

The normalized profit margin climbed to 9.2% from 8.3% in the year-earlier period.

Total revenue fell 30.4% on an annual basis to NT$295.1 million from NT$424.0 million, and total operating expenses fell 29.6% on an annual basis to NT$246.8 million from NT$350.4 million.

Reported net income increased 33.4% year over year to NT$216.8 million, or 30 cents per share, from NT$162.6 million, or 23 cents per share.

As of May 13, US$1 was equivalent to NT$30.62.