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Foshan Haitian Flavouring & Food profit misses consensus by 19.1% in Q1

Foshan Haitian Flavouring and Food Co. Ltd. said its normalized net income for the first quarter came to 27 fen per share, compared with the S&P Capital IQ consensus estimate of 33 fen per share.

EPS rose 19.0% year over year from 22 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 724.1 million yuan, a gain of 19.6% from 605.3 million yuan in the prior-year period.

The normalized profit margin climbed to 18.1% from 17.7% in the year-earlier period.

Total revenue climbed 17.1% on an annual basis to 4.01 billion yuan from 3.42 billion yuan, and total operating expenses climbed 17.3% year over year to 2.92 billion yuan from 2.49 billion yuan.

Reported net income rose 20.6% on an annual basis to 977.0 million yuan, or 36 fen per share, from 809.8 million yuan, or 30 fen per share.

As of April 26, US$1 was equivalent to 6.89 yuan.