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Formosa Taffeta profit misses consensus by 35.1% in Q1

Formosa Taffeta Co. Ltd. said its first-quarter normalized net income came to 24 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

In the prior-year period, the per-share result came in at a profit of 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$404.1 million, compared with NT$403.3 million in the year-earlier period.

The normalized profit margin climbed to 3.7% from 3.4% in the year-earlier period.

Total revenue decreased 7.5% year over year to NT$11.03 billion from NT$11.93 billion, and total operating expenses fell 9.0% on an annual basis to NT$10.22 billion from NT$11.22 billion.

Reported net income declined year over year to NT$517.4 million, or 31 cents per share, from NT$540.9 million, or 32 cents per share.

As of May 13, US$1 was equivalent to NT$30.62.