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Kangde Xin Composite Material profit misses consensus by 19.0% in Q2

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Kangde Xin Composite Material profit misses consensus by 19.0% in Q2

Kangde Xin Composite Material Group Co. Ltd. said its normalized net income for the second quarter amounted to 9 fen per share, compared with the S&P Capital IQ consensus estimate of 11 fen per share.

EPS increased 77.1% year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 266.2 million yuan, a gain of 71.0% from 155.6 million yuan in the prior-year period.

The normalized profit margin increased to 15.2% from 12.9% in the year-earlier period.

Total revenue increased 49.7% year over year to 1.80 billion yuan from 1.20 billion yuan, and total operating expenses increased 43.9% from the prior-year period to 1.29 billion yuan from 898.0 million yuan.

Reported net income increased 49.9% on an annual basis to 366.0 million yuan, or 13 fen per share, from 244.1 million yuan, or 8 fen per share.

As of July 29, US$1 was equivalent to 6.21 yuan.