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Iao Kun Group Holding profit misses consensus by 66.2% in Q1

Iao Kun Group Holding Co. Ltd. said its first-quarter normalized net income was 24 cents per share, compared with the S&P Capital IQ consensus estimate of 72 cents per share.

EPS decreased 71.3% year over year from 85 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.5 million, a decline of 70.9% from $8.6 million in the year-earlier period.

The normalized profit margin dropped to 6.0% from 10.8% in the year-earlier period.

Total revenue declined 47.8% on an annual basis to $41.7 million from $79.9 million, and total operating expenses declined 43.0% from the prior-year period to $37.7 million from $66.2 million.

Reported net income increased year over year to $17.2 million, or $1.66 per share, from $3.0 million, or 30 cents per share.