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Formosa Chemicals & Fibre Q1 profit falls YOY

Formosa Chemicals & Fibre Corp. said its normalized net income for the first quarter came to 16 Taiwan cents per share, compared with the S&P Capital IQ consensus estimate of 18 cents per share.

EPS fell 52.8% year over year from 35 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$973.3 million, a decline of 52.0% from NT$2.03 billion in the year-earlier period.

The normalized profit margin fell to 1.2% from 2.0% in the year-earlier period.

Total revenue decreased 19.9% on an annual basis to NT$80.91 billion from NT$100.96 billion, and total operating expenses decreased 21.2% on an annual basis to NT$78.24 billion from NT$99.27 billion.

Reported net income fell 73.8% year over year to NT$1.49 billion, or 25 cents per share, from NT$5.68 billion, or 97 cents per share.

As of May 6, US$1 was equivalent to NT$30.61.