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Kangde Xin Composite Material profit misses consensus by 28.0% in Q2

Kangde Xin Composite Material Group Co. Ltd. said its normalized net income for the second quarter amounted to 11 fen per share, compared with the S&P Capital IQ consensus estimate of 16 fen per share.

EPS rose 18.9% year over year from 9 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 364.0 million yuan, an increase of 31.1% from 277.8 million yuan in the year-earlier period.

The normalized profit margin fell to 14.9% from 15.2% in the year-earlier period.

Total revenue grew 36.4% on an annual basis to 2.49 billion yuan from 1.83 billion yuan, and total operating expenses increased 44.2% from the prior-year period to 1.88 billion yuan from 1.30 billion yuan.

Reported net income grew 34.4% year over year to 499.1 million yuan, or 15 fen per share, from 371.4 million yuan, or 13 fen per share.

As of Aug. 23, US$1 was equivalent to 6.64 yuan.