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Shanghai International Port profit misses consensus by 50.3% in Q1

Shanghai International Port (Group) Co. Ltd. said its first-quarter normalized net income was 4 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS declined 5.7% year over year from 4 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 832.9 million yuan, a decrease of 5.8% from 884.5 million yuan in the prior-year period.

The normalized profit margin declined to 10.4% from 12.4% in the year-earlier period.

Total revenue increased 12.5% year over year to 7.99 billion yuan from 7.11 billion yuan, and total operating expenses grew 18.5% from the prior-year period to 6.46 billion yuan from 5.45 billion yuan.

Reported net income decreased 6.4% from the prior-year period to 1.14 billion yuan, or 5 fen per share, from 1.22 billion yuan, or 5 fen per share.

As of April 28, US$1 was equivalent to 6.90 yuan.