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Sanan Optoelectronics profit misses consensus by 48.0% in Q1

Sanan Optoelectronics Co. Ltd. said its normalized net income for the first quarter came to 4 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS fell 25.9% year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 134.9 million yuan, a decline of 23.3% from 175.8 million yuan in the prior-year period.

The normalized profit margin rose to 29.1% from 21.4% in the year-earlier period.

Total revenue increased 12.7% on an annual basis to 926.6 million yuan from 822.5 million yuan, and total operating expenses came to 617.4 million yuan, compared with 612.9 million yuan in the prior-year period.

Reported net income rose 55.4% year over year to 354.3 million yuan, or 9 fen per share, from 228.0 million yuan, or 6 fen per share.

As of April 21, US$1 was equivalent to 6.20 yuan.