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Formosa Chemicals & Fibre profit misses consensus by 18.6% in Q3

Formosa Chemicals & Fibre Corp. said its normalized net income for the third quarter came to 90 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.10 per share.

EPS climbed 20.9% year over year from 74 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$5.23 billion, a gain of 20.5% from NT$4.34 billion in the year-earlier period.

The normalized profit margin climbed to 6.6% from 4.3% in the year-earlier period.

Total revenue declined 21.4% on an annual basis to NT$79.20 billion from NT$100.73 billion, and total operating expenses fell 21.5% from the prior-year period to NT$76.51 billion from NT$97.45 billion.

Reported net income rose on an annual basis to NT$7.80 billion, or NT$1.34 per share, from NT$7.44 billion, or NT$1.27 per share.

As of Nov. 6, US$1 was equivalent to NT$32.69.