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GD Power Development profit misses consensus by 66.6% in Q1

GD Power Development Co. Ltd. said its first-quarter normalized net income was 3 fen per share, compared with the S&P Capital IQ consensus estimate of 10 fen per share.

EPS declined 46.6% year over year from 6 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 683.4 million yuan, a decline of 45.3% from 1.25 billion yuan in the prior-year period.

The normalized profit margin dropped to 4.6% from 8.9% in the year-earlier period.

Total revenue climbed year over year to 14.72 billion yuan from 14.09 billion yuan, and total operating expenses rose 25.8% year over year to 12.23 billion yuan from 9.72 billion yuan.

Reported net income declined 45.0% from the prior-year period to 1.02 billion yuan, or 5 fen per share, from 1.86 billion yuan, or 9 fen per share.

As of April 28, US$1 was equivalent to 6.90 yuan.