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Q Technology H2 profit falls YOY

Q Technology (Group) Co. Ltd. said its normalized net income for the second half amounted to 2 fen per share, a decrease of 72.5% from 9 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 24.7 million yuan, a decline of 63.1% from 66.9 million yuan in the year-earlier period.

Total revenue climbed 11.5% year over year to 1.33 billion yuan from 1.20 billion yuan, and total operating expenses climbed 17.5% year over year to 1.26 billion yuan from 1.07 billion yuan.

Reported net income decreased 62.7% from the prior-year period to 39.7 million yuan, or 4 fen per share, from 106.4 million yuan, or 14 fen per share.

For the year, the company's normalized net income totaled 7 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 14 fen.

EPS declined 67.0% from 20 fen in the prior year.

Normalized net income was 69.5 million yuan, a decline of 47.7% from 132.8 million yuan in the prior year.

Full-year total revenue increased on an annual basis to 2.20 billion yuan from 2.16 billion yuan, and total operating expenses increased 7.2% year over year to 2.06 billion yuan from 1.92 billion yuan.

The company said reported net income decreased 47.6% year over year to 102.5 million yuan, or 10 fen per share, in the full year, from 195.6 million yuan, or 30 fen per share.

As of April 14, US$1 was equivalent to 6.49 yuan.