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ZTE Crop. profit misses consensus by 17.7% in Q2

ZTE Corp. said its normalized net income for the second quarter amounted to 20 fen per share, compared with the S&P Capital IQ consensus estimate of 24 fen per share.

EPS rose 51.5% year over year from 13 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 751.2 million yuan, an increase of 55.5% from 483.0 million yuan in the prior-year period.

The normalized profit margin climbed to 2.7% from 1.9% in the year-earlier period.

Total revenue grew 9.1% on an annual basis to 28.27 billion yuan from 25.90 billion yuan, and total operating expenses declined year over year to 25.95 billion yuan from 26.59 billion yuan.

Reported net income grew 42.8% from the prior-year period to 965.0 million yuan, or 25 fen per share, from 675.7 million yuan, or 18 fen per share.

As of Aug. 24, US$1 was equivalent to 6.66 yuan.