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ZTE Crop. profit beats consensus by 78.7% in Q1

ZTE Corp. said its first-quarter normalized net income was 21 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS declined 15.6% year over year from 25 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 930.3 million yuan, a decrease of 10.2% from 1.04 billion yuan in the prior-year period.

The normalized profit margin fell to 4.9% from 5.4% in the year-earlier period.

Total revenue climbed 10.2% year over year to 21.00 billion yuan from 19.05 billion yuan, and total operating expenses climbed 9.7% year over year to 19.65 billion yuan from 17.91 billion yuan.

Reported net income rose 41.9% from the prior-year period to 882.9 million yuan, or 20 fen per share, from 622.2 million yuan, or 15 fen per share.

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