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Hikvision profit misses consensus by 28.5% in Q2

Hangzhou Hikvision Digital Technology Co. Ltd. said its second-quarter normalized net income amounted to 9 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS increased 34.7% year over year from 6 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 788.6 million yuan, a gain of 36.4% from 578.2 million yuan in the year-earlier period.

The normalized profit margin declined to 14.7% from 16.9% in the year-earlier period.

Total revenue climbed 61.0% on an annual basis to 5.51 billion yuan from 3.42 billion yuan, and total operating expenses increased 64.9% from the prior-year period to 4.46 billion yuan from 2.70 billion yuan.

Reported net income grew 39.5% on an annual basis to 1.16 billion yuan, or 13 fen per share, from 833.0 million yuan, or 9 fen per share.

As of July 22, US$1 was equivalent to 6.21 yuan.