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Sanan Optoelectronics profit misses consensus by 39.5% in Q2

Sanan Optoelectronics Co. Ltd. said its normalized net income for the second quarter amounted to 7 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS declined 32.5% year over year from 11 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 293.5 million yuan, a decline of 28.3% from 409.3 million yuan in the prior-year period.

The normalized profit margin declined to 24.5% from 30.0% in the year-earlier period.

Total revenue rose 17.2% on an annual basis to 1.60 billion yuan from 1.36 billion yuan, and total operating expenses grew 49.5% on an annual basis to 1.16 billion yuan from 777.1 million yuan.

Reported net income decreased 7.4% on an annual basis to 509.1 million yuan, or 12 fen per share, from 549.7 million yuan, or 14 fen per share.

As of Aug. 23, US$1 was equivalent to 6.64 yuan.