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Foshan Haitian Flavouring & Food profit misses consensus by 22.3% in Q2

Foshan Haitian Flavouring and Food Co. Ltd. said its normalized net income for the second quarter was 17 fen per share, compared with the S&P Capital IQ consensus estimate of 21 fen per share.

EPS rose 40.8% year over year from 12 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 455.3 million yuan, an increase of 42.9% from 318.6 million yuan in the prior-year period.

The normalized profit margin increased to 18.6% from 14.3% in the year-earlier period.

Total revenue rose 10.0% on an annual basis to 2.45 billion yuan from 2.23 billion yuan, and total operating expenses increased 5.1% year over year to 1.77 billion yuan from 1.68 billion yuan.

Reported net income grew 29.2% from the prior-year period to 596.0 million yuan, or 22 fen per share, from 461.2 million yuan, or 17 fen per share.

As of Aug. 13, US$1 was equivalent to 6.40 yuan.