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Changchun Faway Automobile Components profit misses consensus by 49.3% in Q1

Changchun Faway Automobile Components Co. Ltd. said its first-quarter normalized net income amounted to 12 fen per share, compared with the S&P Capital IQ consensus estimate of 25 fen per share.

EPS decreased 11.5% year over year from 14 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 52.4 million yuan, a decline of 11.5% from 59.2 million yuan in the prior-year period.

The normalized profit margin dropped to 1.9% from 2.5% in the year-earlier period.

Total revenue grew 14.7% year over year to 2.75 billion yuan from 2.40 billion yuan, and total operating expenses grew 14.6% year over year to 2.72 billion yuan from 2.37 billion yuan.

Reported net income fell 9.4% year over year to 82.3 million yuan, or 20 fen per share, from 90.8 million yuan, or 22 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.