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Kangde Xin Composite Material profit misses consensus by 36.3% in Q1

Kangde Xin Composite Material Group Co. Ltd. said its first-quarter normalized net income came to 11 fen per share, compared with the S&P Capital IQ consensus estimate of 18 fen per share.

EPS rose 19.2% year over year from 10 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 405.7 million yuan, an increase of 30.6% from 310.5 million yuan in the prior-year period.

The normalized profit margin declined to 15.0% from 15.3% in the year-earlier period.

Total revenue grew 32.7% on an annual basis to 2.70 billion yuan from 2.04 billion yuan, and total operating expenses rose 36.2% on an annual basis to 1.98 billion yuan from 1.45 billion yuan.

Reported net income grew 31.1% year over year to 541.5 million yuan, or 15 fen per share, from 413.1 million yuan, or 13 fen per share.

As of April 14, US$1 was equivalent to 6.88 yuan.