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Rastar Group profit misses consensus by 36.4% in Q2

Rastar Group said its second-quarter normalized net income came to 4 fen per share, compared with the S&P Capital IQ consensus estimate of 6 fen per share.

EPS climbed 49.9% year over year from 3 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 50.0 million yuan, an increase of 25.3% from 39.9 million yuan in the prior-year period.

The normalized profit margin rose to 11.3% from 5.9% in the year-earlier period.

Total revenue declined 33.1% year over year to 450.3 million yuan from 673.4 million yuan, and total operating expenses decreased 42.0% from the prior-year period to 348.1 million yuan from 600.6 million yuan.

Reported net income rose 50.2% from the prior-year period to 83.3 million yuan, or 7 fen per share, from 55.4 million yuan, or 4 fen per share.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.