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Formosa Oilseed Processing Q1 profit falls YOY

Formosa Oilseed Processing Co. Ltd. said its first-quarter normalized net income was 11 Taiwan cents per share, a decrease of 7.3% from 12 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$24.1 million, a decrease of 7.3% from NT$26.0 million in the year-earlier period.

The normalized profit margin increased to 0.9% from 0.9% in the year-earlier period.

Total revenue fell 7.4% on an annual basis to NT$2.72 billion from NT$2.94 billion, and total operating expenses declined 7.2% on an annual basis to NT$2.67 billion from NT$2.88 billion.

Reported net income declined 16.6% year over year to NT$30.6 million, or 14 cents per share, from NT$36.8 million, or 17 cents per share.

As of May 14, US$1 was equivalent to NT$30.54.