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Hangzhou Robam Appliances profit misses consensus by 27.1% in Q1

Hangzhou Robam Appliances Co. Ltd. said its first-quarter normalized net income amounted to 9 fen per share, compared with the S&P Capital IQ consensus estimate of 13 fen per share.

EPS increased 33.3% year over year from 7 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 85.6 million yuan, a gain of 35.2% from 63.3 million yuan in the prior-year period.

The normalized profit margin rose to 10.4% from 9.8% in the year-earlier period.

Total revenue climbed 28.3% year over year to 830.3 million yuan from 647.4 million yuan, and total operating expenses grew 26.7% on an annual basis to 701.9 million yuan from 554.2 million yuan.

Reported net income increased 39.1% from the prior-year period to 118.6 million yuan, or 13 fen per share, from 85.3 million yuan, or 9 fen per share.

As of April 23, US$1 was equivalent to 6.20 yuan.