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Vatti Q1 profit climbs 24.4% YOY

Vatti Corp. Ltd. said its first-quarter normalized net income was 6 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS climbed 23.3% year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 35.1 million yuan, an increase of 24.4% from 28.2 million yuan in the prior-year period.

The normalized profit margin increased to 4.0% from 3.7% in the year-earlier period.

Total revenue increased 14.1% on an annual basis to 875.8 million yuan from 767.4 million yuan, and total operating expenses climbed 12.1% on an annual basis to 820.2 million yuan from 731.4 million yuan.

Reported net income increased 31.2% on an annual basis to 47.9 million yuan, or 8 fen per share, from 36.5 million yuan, or 6 fen per share.

As of April 21, US$1 was equivalent to 6.48 yuan.