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Shenzhen Overseas Chinese Town profit misses consensus by 27.0% in Q2

Shenzhen Overseas Chinese Town Co. Ltd. said its normalized net income for the second quarter came to 9 fen per share, compared with the S&P Capital IQ consensus estimate of 13 fen per share.

EPS decreased 8.6% year over year from 10 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 778.7 million yuan, a gain from 755.7 million yuan in the year-earlier period.

The normalized profit margin climbed to 13.1% from 12.6% in the year-earlier period.

Total revenue came to 5.96 billion yuan, compared with 6.01 billion yuan in the prior-year period, and total operating expenses grew year over year to 4.80 billion yuan from 4.62 billion yuan.

Reported net income increased 9.0% from the prior-year period to 978.9 million yuan, or 12 fen per share, from 898.3 million yuan, or 12 fen per share.

As of Aug. 19, US$1 was equivalent to 6.65 yuan.