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Giant Manufacturing profit misses consensus by 22.3% in Q1

Giant Manufacturing Co. Ltd. said its normalized net income for the first quarter was NT$1.96 per share, compared with the S&P Capital IQ consensus estimate of NT$2.52 per share.

EPS fell 13.8% year over year from NT$2.27.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$734.8 million, a decline of 13.8% from NT$852.8 million in the year-earlier period.

The normalized profit margin fell to 5.0% from 6.0% in the year-earlier period.

Total revenue increased year over year to NT$14.59 billion from NT$14.20 billion, and total operating expenses increased from the prior-year period to NT$13.25 billion from NT$13.00 billion.

Reported net income declined 10.6% from the prior-year period to NT$949.1 million, or NT$2.53 per share, from NT$1.06 billion, or NT$2.83 per share.

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