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Lens Technology profit misses consensus by 85.1% in Q2

Lens Technology Co. Ltd. said its second-quarter normalized net income came to 2 fen per share, compared with the S&P Capital IQ consensus estimate of 11 fen per share.

EPS decreased 75.6% year over year from 7 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 43.4 million yuan, a decline of 74.3% from 168.7 million yuan in the prior-year period.

The normalized profit margin dropped to 2.7% from 3.8% in the year-earlier period.

Total revenue fell 33.6% on an annual basis to 2.98 billion yuan from 4.49 billion yuan, and total operating expenses declined 32.4% from the prior-year period to 2.88 billion yuan from 4.26 billion yuan.

Reported net income fell 70.6% year over year to 82.1 million yuan, or 3 fen per share, from 279.2 million yuan, or 12 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.