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Beijing Shunxin Agriculture profit misses consensus by 24.2% in Q2

Beijing Shunxin Agriculture Co. Ltd. said its second-quarter normalized net income was 11 fen per share, compared with the S&P Capital IQ consensus estimate of 14 fen per share.

EPS decreased 28.4% year over year from 15 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 60.5 million yuan, a decrease of 6.9% from 65.0 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.5% from 2.5% in the year-earlier period.

Total revenue decreased year over year to 2.51 billion yuan from 2.60 billion yuan, and total operating expenses decreased on an annual basis to 2.38 billion yuan from 2.44 billion yuan.

Reported net income fell 15.3% year over year to 55.4 million yuan, or 10 fen per share, from 65.4 million yuan, or 15 fen per share.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.