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Formosa Chemicals & Fibre Q2 profit climbs 374.4% YOY

Formosa Chemicals & Fibre Corp. said its second-quarter normalized net income amounted to NT$1.43 per share, compared with the S&P Capital IQ consensus estimate of NT$1.40 per share.

EPS climbed 373.1% year over year from 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$8.40 billion, an increase of 374.4% from NT$1.77 billion in the prior-year period.

The normalized profit margin rose to 9.3% from 1.6% in the year-earlier period.

Total revenue declined 17.9% on an annual basis to NT$90.57 billion from NT$110.38 billion, and total operating expenses fell 24.8% on an annual basis to NT$81.01 billion from NT$107.73 billion.

Reported net income rose 251.7% on an annual basis to NT$12.20 billion, or NT$2.08 per share, from NT$3.47 billion, or 59 cents per share.

As of Aug. 7, US$1 was equivalent to NT$31.73.