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Shenzhen MTC profit misses consensus by 34.7% in Q1

Shenzhen MTC Co. Ltd. said its first-quarter normalized net income came to 2 fen per share, compared with the S&P Capital IQ consensus estimate of 3 fen per share.

EPS decreased 40.4% year over year from 3 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 76.3 million yuan, a decrease of 40.5% from 128.3 million yuan in the prior-year period.

The normalized profit margin fell to 5.7% from 7.6% in the year-earlier period.

Total revenue fell 21.1% year over year to 1.33 billion yuan from 1.68 billion yuan, and total operating expenses declined 18.8% year over year to 1.24 billion yuan from 1.52 billion yuan.

Reported net income fell 29.0% from the prior-year period to 117.0 million yuan, or 3 fen per share, from 164.7 million yuan, or 4 fen per share.

As of April 17, US$1 was equivalent to 6.20 yuan.