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Hikvision Q1 profit climbs 70.7% YOY

Hangzhou Hikvision Digital Technology Co. Ltd. said its normalized net income for the first quarter came to 9 fen per share, compared with the S&P Capital IQ consensus estimate of 10 fen per share.

EPS rose 71.5% year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 823.0 million yuan, an increase of 70.7% from 482.1 million yuan in the prior-year period.

The normalized profit margin rose to 19.2% from 18.6% in the year-earlier period.

Total revenue climbed 65.3% year over year to 4.29 billion yuan from 2.59 billion yuan, and total operating expenses increased 68.1% year over year to 3.27 billion yuan from 1.95 billion yuan.

Reported net income increased 52.1% on an annual basis to 1.04 billion yuan, or 12 fen per share, from 686.6 million yuan, or 8 fen per share.

As of April 10, US$1 was equivalent to 6.20 yuan.