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China Communications Construction profit misses consensus by 32.4% in Q1

China Communications Construction Co. Ltd. said its first-quarter normalized net income amounted to 10 fen per share, compared with the S&P Capital IQ consensus estimate of 15 fen per share.

EPS climbed 18.7% year over year from 9 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.66 billion yuan, an increase of 17.1% from 1.41 billion yuan in the prior-year period.

The normalized profit margin fell to 2.2% from 2.3% in the year-earlier period.

Total revenue climbed 20.1% year over year to 74.35 billion yuan from 61.92 billion yuan, and total operating expenses increased 18.2% year over year to 69.58 billion yuan from 58.88 billion yuan.

Reported net income increased 7.6% on an annual basis to 1.96 billion yuan, or 12 fen per share, from 1.82 billion yuan, or 11 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.