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Zhejiang Wanfeng Auto Wheel profit misses consensus by 17.8% in Q1

Zhejiang Wanfeng Auto Wheel Co., Ltd. said its normalized net income for the first quarter came to 6 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS climbed 25.1% year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 127.4 million yuan, an increase of 25.3% from 101.7 million yuan in the year-earlier period.

The normalized profit margin increased to 6.2% from 5.2% in the year-earlier period.

Total revenue climbed 8.3% on an annual basis to 2.13 billion yuan from 1.97 billion yuan, and total operating expenses increased 6.6% from the prior-year period to 1.85 billion yuan from 1.73 billion yuan.

Reported net income rose 50.0% from the prior-year period to 168.5 million yuan, or 8 fen per share, from 112.3 million yuan, or 5 fen per share.

As of April 18, US$1 was equivalent to 6.47 yuan.