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GD Power Development profit misses consensus by 56.1% in Q3

GD Power Development Co. Ltd. said its normalized net income for the third quarter amounted to 6 fen per share, compared with the S&P Capital IQ consensus estimate of 13 fen per share.

EPS fell 29.7% year over year from 8 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.14 billion yuan, a decline of 25.8% from 1.53 billion yuan in the prior-year period.

The normalized profit margin dropped to 7.7% from 10.1% in the year-earlier period.

Total revenue fell on an annual basis to 14.85 billion yuan from 15.16 billion yuan, and total operating expenses grew from the prior-year period to 11.08 billion yuan from 10.83 billion yuan.

Reported net income fell 25.0% on an annual basis to 1.61 billion yuan, or 8 fen per share, from 2.15 billion yuan, or 11 fen per share.

As of Oct. 30, US$1 was equivalent to 6.32 yuan.