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ZTE Crop. profit misses consensus by 76.5% in Q2

ZTE Corp. said its normalized net income for the second quarter was 3 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS rose 173.4% year over year from 1 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 112.9 million yuan, an increase of 162.8% from 42.9 million yuan in the prior-year period.

The normalized profit margin increased to 1.1% from 0.2% in the year-earlier period.

Total revenue rose 33.6% on an annual basis to 24.90 billion yuan from 18.64 billion yuan, and total operating expenses increased 31.9% from the prior-year period to 25.53 billion yuan from 19.36 billion yuan.

Reported net income grew 40.3% from the prior-year period to 718.8 million yuan, or 18 fen per share, from 512.2 million yuan, or 12 fen per share.

As of Sept. 4, US$1 was equivalent to 6.36 yuan.