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Zhejiang Weixing Industrial Development profit misses consensus by 60.2% in Q4

Zhejiang Weixing Industrial Development Co. Ltd. said its normalized net income for the fourth quarter came to 6 fen per share, compared with the S&P Capital IQ consensus estimate of 14 fen per share.

EPS declined 6.7% year over year from 6 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 30.3 million yuan, a decrease of 5.6% from 32.2 million yuan in the prior-year period.

The normalized profit margin fell to 7.1% from 7.1% in the year-earlier period.

Total revenue decreased 7.6% year over year to 416.6 million yuan from 450.7 million yuan, and total operating expenses declined 8.2% year over year to 371.3 million yuan from 404.5 million yuan.

Reported net income grew 10.6% on an annual basis to 47.2 million yuan, or 9 fen per share, from 42.7 million yuan, or 8 fen per share.

For the year, the company's normalized net income totaled 36 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 51 fen.

EPS was 37 fen in the prior year.

Normalized net income was 196.0 million yuan, compared with 194.2 million yuan in the prior year.

Full-year total revenue rose year over year to 1.87 billion yuan from 1.85 billion yuan, and total operating expenses increased year over year to 1.56 billion yuan from 1.54 billion yuan.

The company said reported net income grew 5.1% year over year to 248.0 million yuan, or 46 fen per share, in the full year, from 236.0 million yuan, or 45 fen per share.

As of March 11, US$1 was equivalent to 6.50 yuan.