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Cheng Shin Rubber Ind. profit misses consensus by 30.5% in Q1

Cheng Shin Rubber Ind. Co. Ltd. said its first-quarter normalized net income was 81 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.17 per share.

EPS fell 11.8% year over year from 92 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$2.64 billion, a decrease of 11.8% from NT$3.00 billion in the year-earlier period.

The normalized profit margin fell to 9.1% from 9.5% in the year-earlier period.

Total revenue declined 8.2% year over year to NT$28.99 billion from NT$31.59 billion, and total operating expenses decreased 6.9% year over year to NT$24.37 billion from NT$26.19 billion.

Reported net income fell 11.5% from the prior-year period to NT$3.25 billion, or NT$1 per share, from NT$3.67 billion, or NT$1.13 per share.

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