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Tianqi Lithium Industries profit misses consensus by 20.9% in Q2

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Tianqi Lithium Industries profit misses consensus by 20.9% in Q2

Tianqi Lithium Industries Inc. said its second-quarter normalized net income was 41 fen per share, compared with the S&P Capital IQ consensus estimate of 52 fen per share.

EPS increased 18.4% year over year from 35 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 410.0 million yuan, a gain of 16.8% from 351.1 million yuan in the prior-year period.

The normalized profit margin fell to 30.4% from 36.9% in the year-earlier period.

Total revenue grew 42.0% on an annual basis to 1.35 billion yuan from 951.6 million yuan, and total operating expenses rose 69.4% year over year to 501.9 million yuan from 296.2 million yuan.

Reported net income rose 12.0% from the prior-year period to 518.2 million yuan, or 52 fen per share, from 462.5 million yuan, or 46 fen per share.

As of Aug. 17, US$1 was equivalent to 6.67 yuan.