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Lens Technology profit misses consensus by 56.9% in Q1

Lens Technology Co. Ltd. said its first-quarter normalized net income amounted to 6 fen per share, compared with the S&P Capital IQ consensus estimate of 13 fen per share.

EPS climbed 104.9% year over year from 3 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 150.5 million yuan, a gain of 121.2% from 68.0 million yuan in the prior-year period.

The normalized profit margin climbed to 3.7% from 2.5% in the year-earlier period.

Total revenue increased 53.5% year over year to 4.11 billion yuan from 2.68 billion yuan, and total operating expenses rose 38.2% from the prior-year period to 3.85 billion yuan from 2.78 billion yuan.

Reported net income increased 33.7% on an annual basis to 220.6 million yuan, or 8 fen per share, from 165.0 million yuan, or 7 fen per share.

As of April 25, US$1 was equivalent to 6.89 yuan.