Ningbo Huaxiang Electronic Co. Ltd. said its first-quarter normalized net income amounted to 14 fen per share, compared with the S&P Capital IQ consensus estimate of 31 fen per share.
EPS declined 20.6% year over year from 17 fen.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 74.1 million yuan, a decline of 18.0% from 90.3 million yuan in the prior-year period.
The normalized profit margin dropped to 3.1% from 4.4% in the year-earlier period.
Total revenue rose 17.6% on an annual basis to 2.40 billion yuan from 2.04 billion yuan, and total operating expenses increased 18.5% year over year to 2.21 billion yuan from 1.87 billion yuan.
Reported net income declined 31.1% on an annual basis to 75.3 million yuan, or 14 fen per share, from 109.3 million yuan, or 21 fen per share.
As of April 23, US$1 was equivalent to 6.20 yuan.
