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Lens Technology profit misses consensus by 51.7% in Q2

Lens Technology Co. Ltd. said its normalized net income for the second quarter came to 5 fen per share, compared with the S&P Capital IQ consensus estimate of 11 fen per share.

EPS declined 23.8% year over year from 7 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 133.6 million yuan, a decline of 16.5% from 160.0 million yuan in the year-earlier period.

The normalized profit margin dropped to 3.8% from 5.4% in the year-earlier period.

Total revenue rose 51.4% on an annual basis to 4.49 billion yuan from 2.96 billion yuan, and total operating expenses rose 55.4% on an annual basis to 4.26 billion yuan from 2.74 billion yuan.

Reported net income increased 29.0% year over year to 279.2 million yuan, or 11 fen per share, from 216.5 million yuan, or 10 fen per share.

As of Aug. 25, US$1 was equivalent to 6.42 yuan.