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CRRC profit misses consensus by 29.8% in Q2

CRRC Corp. Ltd. said its second-quarter normalized net income came to 7 fen per share, compared with the S&P Capital IQ consensus estimate of 10 fen per share.

EPS declined 11.2% year over year from 8 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.89 billion yuan, a decrease of 11.3% from 2.13 billion yuan in the prior-year period.

The normalized profit margin climbed to 4.6% from 4.0% in the year-earlier period.

Total revenue rose on an annual basis to 53.76 billion yuan from 52.77 billion yuan, and total operating expenses climbed year over year to 49.88 billion yuan from 48.74 billion yuan.

Reported net income increased from the prior-year period to 2.88 billion yuan, or 11 fen per share, from 2.75 billion yuan, or 10 fen per share.

As of Aug. 22, US$1 was equivalent to 6.64 yuan.