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Fujian Sunner Development profit misses consensus by 68.3% in Q2

Fujian Sunner Development Co. Ltd. said its normalized net income for the second quarter came to 10 fen per share, compared with the S&P Capital IQ consensus estimate of 31 fen per share.

The per-share result swung to a profit from the prior-year loss of 9 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 109.1 million yuan, compared with a loss of 94.5 million yuan in the year-earlier period.

The normalized profit margin rose to 5.3% from negative 5.4% in the year-earlier period.

Total revenue grew 18.2% year over year to 2.09 billion yuan from 1.76 billion yuan, and total operating expenses fell on an annual basis to 1.86 billion yuan from 1.88 billion yuan.

Reported net income totaled 179.2 million yuan, or 16 fen per share, compared to a loss of 158.1 million yuan, or a loss of 15 fen per share, in the year-earlier period.

As of Aug. 1, US$1 was equivalent to 6.64 yuan.