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Brinno profit misses consensus by 65.1% in Q1

Brinno Inc. said its normalized net income for the first quarter amounted to 17 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 48 cents per share.

EPS fell 56.2% year over year from 38 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$3.6 million, a decline of 52.8% from NT$7.6 million in the prior-year period.

The normalized profit margin declined to 4.8% from 12.5% in the year-earlier period.

Total revenue rose 24.2% on an annual basis to NT$75.8 million from NT$61.0 million, and total operating expenses rose 41.8% year over year to NT$68.3 million from NT$48.2 million.

Reported net income declined 51.7% year over year to NT$4.9 million, or 22 cents per share, from NT$10.1 million, or 50 cents per share.

As of May 16, US$1 was equivalent to NT$32.63.