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Vatti profit misses consensus by 57.6% in Q1

Vatti Corp. Ltd. said its normalized net income for the first quarter came to 4 fen per share, compared with the S&P Capital IQ consensus estimate of 10 fen per share.

EPS declined 34.3% year over year from 6 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 24.8 million yuan, a decrease of 32.2% from 36.6 million yuan in the prior-year period.

The normalized profit margin fell to 3.7% from 3.9% in the year-earlier period.

Total revenue fell 18.9% on an annual basis to 767.4 million yuan from 946.7 million yuan, and total operating expenses fell 18.4% year over year to 731.4 million yuan from 896.1 million yuan.

Reported net income fell 20.7% on an annual basis to 36.5 million yuan, or 6 fen per share, from 46.1 million yuan, or 8 fen per share.

As of April 15, US$1 was equivalent to 6.21 yuan.