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Lens Technology profit misses consensus by 27.6% in Q1

Lens Technology Co. Ltd. said its first-quarter normalized net income was 12 fen per share, compared with the S&P Capital IQ consensus estimate of 17 fen per share.

EPS climbed 15.3% year over year from 10 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 262.9 million yuan, a gain of 15.9% from 226.9 million yuan in the prior-year period.

The normalized profit margin dropped to 7.3% from 8.7% in the year-earlier period.

Total revenue climbed 60.5% on an annual basis to 4.17 billion yuan from 2.60 billion yuan, and total operating expenses grew 66.8% year over year to 3.70 billion yuan from 2.22 billion yuan.

Reported net income increased 37.4% year over year to 405.7 million yuan, or 19 fen per share, from 295.2 million yuan, or 14 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.