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Kangde Xin Composite Material profit misses consensus by 27.0% in Q3

Kangde Xin Composite Material Group Co. Ltd. said its third-quarter normalized net income was 14 fen per share, compared with the S&P Capital IQ consensus estimate of 19 fen per share.

EPS increased 18.7% year over year from 12 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 490.2 million yuan, an increase of 30.2% from 376.5 million yuan in the year-earlier period.

The normalized profit margin rose to 14.4% from 14.4% in the year-earlier period.

Total revenue climbed 30.1% on an annual basis to 3.40 billion yuan from 2.61 billion yuan, and total operating expenses rose 27.5% on an annual basis to 2.46 billion yuan from 1.93 billion yuan.

Reported net income rose 28.2% year over year to 624.4 million yuan, or 18 fen per share, from 487.1 million yuan, or 15 fen per share.

As of Oct. 24, US$1 was equivalent to 6.63 yuan.