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Wanhua Chemical profit beats consensus by 87.4% in Q1

Wanhua Chemical Group Co. Ltd. said its first-quarter normalized net income amounted to 62 fen per share, compared with the S&P Capital IQ consensus estimate of 33 fen per share.

EPS increased 365.5% year over year from 13 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.71 billion yuan, a gain of 403.8% from 340.1 million yuan in the year-earlier period.

The normalized profit margin rose to 15.6% from 6.4% in the year-earlier period.

Total revenue rose 107.7% year over year to 11.01 billion yuan from 5.30 billion yuan, and total operating expenses grew 69.4% from the prior-year period to 7.45 billion yuan from 4.40 billion yuan.

Reported net income grew 394.8% on an annual basis to 2.20 billion yuan, or 80 fen per share, from 443.6 million yuan, or 18 fen per share.

As of April 14, US$1 was equivalent to 6.88 yuan.