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AAC Technologies Holdings profit misses consensus by 30.3% in Q2

AAC Technologies Holdings Inc. said its second-quarter normalized net income was 36 fen per share, compared with the S&P Capital IQ consensus estimate of 52 fen per share.

EPS climbed 28.2% year over year from 28 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 442.1 million yuan, an increase of 28.2% from 344.9 million yuan in the prior-year period.

The normalized profit margin fell to 18.4% from 18.5% in the year-earlier period.

Total revenue increased 29.0% on an annual basis to 2.40 billion yuan from 1.86 billion yuan, and total operating expenses rose 28.0% year over year to 1.73 billion yuan from 1.35 billion yuan.

Reported net income rose 29.8% year over year to 639.4 million yuan, or 52 fen per share, from 492.8 million yuan, or 40 fen per share.

As of Sept. 8, US$1 was equivalent to 6.37 yuan.