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Ruentex Industries profit misses consensus by 82.8% in Q2

Ruentex Industries Ltd said its second-quarter normalized net income amounted to 25 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of NT$1.48 per share.

EPS declined 75.3% year over year from NT$1.03.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$225.8 million, a decline of 76.8% from NT$973.7 million in the year-earlier period.

The normalized profit margin dropped to 12.3% from 52.5% in the year-earlier period.

Total revenue decreased on an annual basis to NT$1.83 billion from NT$1.85 billion, and total operating expenses decreased 9.2% from the prior-year period to NT$1.46 billion from NT$1.60 billion.

Reported net income declined 72.6% on an annual basis to NT$470.5 million, or 53 cents per share, from NT$1.72 billion, or NT$1.82 per share.

As of Aug. 15, US$1 was equivalent to NT$31.33.