Yantai Changyu Pioneer Wine Co. Ltd. said its third-quarter normalized net income amounted to 16 fen per share, compared with the S&P Capital IQ consensus estimate of 26 fen per share.

EPS declined year over year from 17 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 109.2 million yuan, a decrease from 113.9 million yuan in the year-earlier period.

The normalized profit margin dropped to 10.8% from 13.2% in the year-earlier period.

Total revenue grew 17.5% on an annual basis to 1.01 billion yuan from 860.4 million yuan, and total operating expenses increased 24.7% on an annual basis to 834.1 million yuan from 668.7 million yuan.

Reported net income fell 5.2% year over year to 129.7 million yuan, or 19 fen per share, from 136.8 million yuan, or 20 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.