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Kangde Xin Composite Material profit misses consensus by 23.1% in Q2

Kangde Xin Composite Material Group Co. Ltd. said its second-quarter normalized net income amounted to 15 fen per share, compared with the S&P Capital IQ consensus estimate of 20 fen per share.

EPS increased 32.3% year over year from 12 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 543.7 million yuan, a gain of 45.0% from 374.9 million yuan in the prior-year period.

The normalized profit margin increased to 16.2% from 14.9% in the year-earlier period.

Total revenue grew 33.6% year over year to 3.35 billion yuan from 2.51 billion yuan, and total operating expenses grew 23.0% on an annual basis to 2.33 billion yuan from 1.89 billion yuan.

Reported net income increased 38.7% on an annual basis to 713.5 million yuan, or 20 fen per share, from 514.2 million yuan, or 16 fen per share.

As of Aug. 14, US$1 was equivalent to 6.67 yuan.