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Tingyi (Cayman Islands) Holding profit misses consensus by 36.2% in Q1

Tingyi (Cayman Islands) Holding Corp. said its first-quarter normalized net income amounted to 11 cents per share, compared with the S&P Capital IQ consensus estimate of 17 cents per share.

EPS declined 11.2% year over year from 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $599.8 million, a decline of 11.2% from $675.3 million in the year-earlier period.

The normalized profit margin rose to 4.2% from 3.9% in the year-earlier period.

Total revenue declined 16.8% on an annual basis to $14.39 billion from $17.29 billion, and total operating expenses decreased 16.7% year over year to $13.09 billion from $15.71 billion.

Reported net income declined 16.8% on an annual basis to $664.7 million, or 12 cents per share, from $799.3 million, or 14 cents per share.