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Focus Media profit misses consensus by 18.7% in Q1

Focus Media Information Technology Co. Ltd. said its first-quarter normalized net income amounted to 5 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS increased 16.1% year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 662.9 million yuan, a gain of 23.3% from 537.6 million yuan in the year-earlier period.

The normalized profit margin climbed to 27.4% from 25.5% in the year-earlier period.

Total revenue rose 15.0% on an annual basis to 2.42 billion yuan from 2.10 billion yuan, and total operating expenses rose 7.3% from the prior-year period to 1.42 billion yuan from 1.32 billion yuan.

Reported net income grew 70.4% from the prior-year period to 1.11 billion yuan, or 9 fen per share, from 649.4 million yuan, or 6 fen per share.

As of April 27, US$1 was equivalent to 6.89 yuan.