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Kangde Xin Composite Material Q3 profit climbs 51.9% YOY

Kangde Xin Composite Material Group Co. Ltd. said its normalized net income for the third quarter amounted to 10 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS increased 52.4% year over year from 7 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 301.6 million yuan, an increase of 51.9% from 198.6 million yuan in the year-earlier period.

The normalized profit margin fell to 15.6% from 16.2% in the year-earlier period.

Total revenue climbed 55.8% on an annual basis to 1.91 billion yuan from 1.23 billion yuan, and total operating expenses rose 59.9% year over year to 1.38 billion yuan from 862.4 million yuan.

Reported net income grew 46.6% from the prior-year period to 367.8 million yuan, or 13 fen per share, from 250.9 million yuan, or 9 fen per share.

As of Oct. 15, US$1 was equivalent to 6.35 yuan.