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Luen Thai Holdings profit misses consensus by 42.6% in full year

Luen Thai Holdings Ltd. said its full-year normalized net income amounted to 1 cents per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

EPS rose 23.8% year over year from 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $13.7 million, a gain of 20.4% from $11.3 million in the prior-year period.

The normalized profit margin increased to 1.5% from 1.1% in the year-earlier period.

Total revenue declined 13.2% on an annual basis to $908.8 million from $1.05 billion, and total operating expenses declined 13.9% on an annual basis to $881.3 million from $1.02 billion.

Reported net income declined 38.6% year over year to $9.0 million, or 1 cents per share, from $14.7 million, or 1 cents per share.