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Jardine Cycle & Carriage profit misses consensus by 53.8% in Q2

Jardine Cycle & Carriage Ltd. said its normalized net income for the second quarter came to 26 cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.

EPS decreased 13.1% year over year from 30 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $96.3 million, a decrease of 13.1% from $110.9 million in the prior-year period.

The normalized profit margin rose to 2.4% from 2.3% in the year-earlier period.

Total revenue fell 12.7% on an annual basis to $4.22 billion from $4.83 billion, and total operating expenses declined 11.7% on an annual basis to $3.83 billion from $4.34 billion.

Reported net income declined 14.6% from the prior-year period to $183.7 million, or 50 cents per share, from $215.0 million, or 59 cents per share.