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Daqin Railway profit misses consensus by 56.5% in Q2

Daqin Railway Co. Ltd. said its normalized net income for the second quarter amounted to 8 fen per share, compared with the S&P Capital IQ consensus estimate of 19 fen per share.

EPS declined 58.7% year over year from 20 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.23 billion yuan, a decline of 58.9% from 2.99 billion yuan in the year-earlier period.

The normalized profit margin dropped to 12.0% from 21.8% in the year-earlier period.

Total revenue fell 26.1% on an annual basis to 10.11 billion yuan from 13.69 billion yuan, and total operating expenses declined 5.3% from the prior-year period to 8.98 billion yuan from 9.48 billion yuan.

Reported net income declined 55.2% from the prior-year period to 1.63 billion yuan, or 11 fen per share, from 3.63 billion yuan, or 24 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.