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Zhejiang Dahua Technology profit misses consensus by 32.1% in Q1

Zhejiang Dahua Technology Co. Ltd. said its normalized net income for the first quarter came to 8 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS climbed 45.5% year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 224.0 million yuan, a gain of 35.7% from 165.1 million yuan in the prior-year period.

The normalized profit margin fell to 8.5% from 9.3% in the year-earlier period.

Total revenue climbed 48.6% on an annual basis to 2.65 billion yuan from 1.78 billion yuan, and total operating expenses climbed 49.3% on an annual basis to 2.50 billion yuan from 1.67 billion yuan.

Reported net income grew 33.3% on an annual basis to 286.8 million yuan, or 10 fen per share, from 215.2 million yuan, or 7 fen per share.

As of April 26, US$1 was equivalent to 6.89 yuan.