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Redwood Group profit misses consensus by 65.8% in Q1

Redwood Group Ltd. said its first-quarter normalized net income amounted to 39 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.13 per share.

EPS decreased 67.3% year over year from NT$1.18.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$19.5 million, a decrease of 66.9% from NT$58.9 million in the prior-year period.

The normalized profit margin declined to 4.3% from 10.2% in the year-earlier period.

Total revenue decreased 22.0% on an annual basis to NT$448.5 million from NT$575.1 million, and total operating expenses declined 11.1% on an annual basis to NT$423.4 million from NT$476.0 million.

Reported net income decreased 64.9% year over year to NT$26.3 million, or 52 cents per share, from NT$74.9 million, or NT$1.51 per share.

As of May 11, US$1 was equivalent to NT$30.76.