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Jiangxi Zhengbang Technology profit misses consensus by 58.4% in Q1

Jiangxi Zhengbang Technology Co.Ltd. said its normalized net income for the first quarter amounted to 7 fen per share, compared with the S&P Capital IQ consensus estimate of 16 fen per share.

The per-share result swung to a profit from the prior-year loss of 2 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 136.7 million yuan, compared with a loss of 35.5 million yuan in the year-earlier period.

The normalized profit margin increased to 3.6% from negative 1.0% in the year-earlier period.

Total revenue rose 9.3% year over year to 4.01 billion yuan from 3.67 billion yuan, and total operating expenses came to 3.74 billion yuan, compared with 3.71 billion yuan in the year-earlier period.

Reported net income came to 228.1 million yuan, or 11 fen per share, compared to a loss of 62.4 million yuan, or a loss of 4 fen per share, in the year-earlier period.

As of April 21, US$1 was equivalent to 6.48 yuan.