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Chaowei Power Holdings H2 profit climbs 59.6% YOY

Chaowei Power Holdings Ltd. said its normalized net income for the second half came to 11 fen per share, a gain of 47.6% from 7 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 118.9 million yuan, an increase of 59.6% from 74.5 million yuan in the prior-year period.

Total revenue rose 14.4% on an annual basis to 11.99 billion yuan from 10.48 billion yuan, and total operating expenses climbed 13.9% year over year to 11.74 billion yuan from 10.31 billion yuan.

Reported net income rose year over year to 200.2 million yuan, or 18 fen per share, from 194.3 million yuan, or 19 fen per share.

For the year, the company's normalized net income totaled 30 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 64 fen.

EPS rose 80.9% from 17 fen in the prior year.

Normalized net income was 333.5 million yuan, an increase of 97.1% from 169.2 million yuan in the prior year.

Full-year total revenue rose 13.7% from the prior-year period to 21.45 billion yuan from 18.87 billion yuan, and total operating expenses grew 12.6% year over year to 20.69 billion yuan from 18.39 billion yuan.

The company said reported net income grew 57.1% year over year to 527.0 million yuan, or 48 fen per share, in the full year, from 335.5 million yuan, or 33 fen per share.

As of April 27, US$1 was equivalent to 6.89 yuan.