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BOE Technology Group profit misses consensus by 68.3% in Q2

BOE Technology Group Co. Ltd. said its second-quarter normalized net income came to 342.4 million yuan, a gain of 18.6% from 288.6 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 5.3% from 3.6% in the year-earlier period.

Total revenue grew 42.0% year over year to 11.39 billion yuan from 8.02 billion yuan, and total operating expenses rose 39.1% on an annual basis to 10.75 billion yuan from 7.73 billion yuan.

Reported net income increased 114.3% from the prior-year period to 973.0 million yuan, or 3 fen per share, from 454.0 million yuan, or 2 fen per share.

As of Aug. 24, US$1 was equivalent to 6.40 yuan.