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Weifu High-Technology profit misses consensus by 37.4% in Q1

Weifu High-Technology Group Co. Ltd. said its normalized net income for the first quarter amounted to 27 fen per share, compared with the S&P Capital IQ consensus estimate of 43 fen per share.

EPS fell 6.9% year over year from 29 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 273.0 million yuan, a decrease of 6.5% from 292.1 million yuan in the year-earlier period.

The normalized profit margin increased to 17.6% from 16.4% in the year-earlier period.

Total revenue fell 14.0% on an annual basis to 1.53 billion yuan from 1.78 billion yuan, and total operating expenses fell 10.8% year over year to 1.42 billion yuan from 1.59 billion yuan.

Reported net income declined 6.7% on an annual basis to 405.5 million yuan, or 40 fen per share, from 434.4 million yuan, or 43 fen per share.

As of April 27, US$1 was equivalent to 6.50 yuan.