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Shanghai International Port profit misses consensus by 40.3% in Q3

Shanghai International Port (Group) Co. Ltd. said its normalized net income for the third quarter was 4 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS declined 21.7% year over year from 6 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.03 billion yuan, a decrease of 20.3% from 1.29 billion yuan in the prior-year period.

The normalized profit margin dropped to 13.7% from 17.0% in the year-earlier period.

Total revenue came to 7.54 billion yuan, compared with 7.62 billion yuan in the year-earlier period, and total operating expenses rose 7.1% on an annual basis to 5.74 billion yuan from 5.36 billion yuan.

Reported net income decreased 18.3% on an annual basis to 1.43 billion yuan, or 6 fen per share, from 1.75 billion yuan, or 8 fen per share.

As of Oct. 29, US$1 was equivalent to 6.36 yuan.