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Formosa Plastics profit misses consensus by 25.9% in Q2

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Formosa Plastics profit misses consensus by 25.9% in Q2

Formosa Plastics Corp. said its normalized net income for the second quarter amounted to NT$1.20 per share, compared with the S&P Capital IQ consensus estimate of NT$1.62 per share.

EPS climbed 156.6% year over year from 47 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$7.64 billion, a gain of 156.6% from NT$2.98 billion in the prior-year period.

The normalized profit margin increased to 15.0% from 5.0% in the year-earlier period.

Total revenue decreased 13.6% on an annual basis to NT$51.01 billion from NT$59.03 billion, and total operating expenses decreased 17.3% on an annual basis to NT$47.61 billion from NT$57.58 billion.

Reported net income increased 190.8% on an annual basis to NT$10.86 billion, or NT$1.71 per share, from NT$3.74 billion, or 59 cents per share.

As of Aug. 11, US$1 was equivalent to NT$32.22.