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Tenwow International H2 profit falls YOY

Tenwow International Holdings Ltd. said its second-half normalized net income was 8 fen per share, a decrease of 5.0% from 8 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 166.4 million yuan, a decrease of 5.5% from 176.1 million yuan in the prior-year period.

Total revenue fell 13.3% on an annual basis to 2.45 billion yuan from 2.83 billion yuan, and total operating expenses decreased 14.8% from the prior-year period to 2.15 billion yuan from 2.52 billion yuan.

Reported net income fell 8.0% year over year to 202.3 million yuan, or 10 fen per share, from 219.9 million yuan, or 11 fen per share.

For the year, the company's normalized net income totaled 14 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 19 fen.

EPS rose from 14 fen in the prior year.

Normalized net income was 292.2 million yuan, an increase from 282.7 million yuan in the prior year.

Full-year total revenue decreased on an annual basis to 4.91 billion yuan from 5.08 billion yuan, and total operating expenses declined on an annual basis to 4.36 billion yuan from 4.57 billion yuan.

The company said reported net income rose year over year to 350.8 million yuan, or 17 fen per share, in the full year, from 345.2 million yuan, or 17 fen per share.

As of April 15, US$1 was equivalent to 6.47 yuan.