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GD Power Development profit misses consensus by 64.6% in Q2

GD Power Development Co. Ltd. said its normalized net income for the second quarter amounted to 2 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS declined 59.9% year over year from 6 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 513.6 million yuan, a decrease of 58.6% from 1.24 billion yuan in the year-earlier period.

The normalized profit margin declined to 3.7% from 8.8% in the year-earlier period.

Total revenue came to 14.03 billion yuan, compared with 14.14 billion yuan in the prior-year period, and total operating expenses rose 17.9% on an annual basis to 11.75 billion yuan from 9.96 billion yuan.

Reported net income decreased 60.3% on an annual basis to 748.9 million yuan, or 4 fen per share, from 1.89 billion yuan, or 9 fen per share.

As of Aug. 23, US$1 was equivalent to 6.66 yuan.