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Tianqi Lithium Industries Q1 profit climbs 38.0% YOY

Tianqi Lithium Industries Inc. said its first-quarter normalized net income amounted to 34 fen per share, compared with the S&P Capital IQ consensus estimate of 32 fen per share.

EPS climbed 36.7% year over year from 25 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 332.0 million yuan, a gain of 38.0% from 240.6 million yuan in the year-earlier period.

The normalized profit margin fell to 31.2% from 31.9% in the year-earlier period.

Total revenue grew 41.1% on an annual basis to 1.06 billion yuan from 754.0 million yuan, and total operating expenses climbed 45.7% on an annual basis to 393.8 million yuan from 270.4 million yuan.

Reported net income increased 42.7% from the prior-year period to 405.8 million yuan, or 41 fen per share, from 284.3 million yuan, or 29 fen per share.

As of April 21, US$1 was equivalent to 6.88 yuan.