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Iflytek profit misses consensus by 38.0% in Q1

Iflytek Co. Ltd. said its normalized net income for the first quarter came to 5 fen per share, compared with the S&P Capital IQ consensus estimate of 8 fen per share.

EPS increased 19.9% year over year from 4 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 61.2 million yuan, an increase from 58.5 million yuan in the year-earlier period.

The normalized profit margin declined to 7.1% from 9.2% in the year-earlier period.

Total revenue grew 35.3% on an annual basis to 856.2 million yuan from 632.9 million yuan, and total operating expenses climbed 36.0% on an annual basis to 819.4 million yuan from 602.6 million yuan.

Reported net income grew from the prior-year period to 74.0 million yuan, or 6 fen per share, from 70.7 million yuan, or 5 fen per share.

As of April 18, US$1 was equivalent to 6.89 yuan.