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Shanghai Electric profit misses consensus by 78.2% in Q2

Shanghai Electric Group Co. Ltd. said its second-quarter normalized net income was 1 fen per share, compared with the S&P Capital IQ consensus estimate of 5 fen per share.

EPS decreased 59.6% year over year from 3 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 140.0 million yuan, a decrease of 59.6% from 346.5 million yuan in the prior-year period.

The normalized profit margin climbed to 3.3% from 1.6% in the year-earlier period.

Total revenue grew on an annual basis to 21.80 billion yuan from 21.02 billion yuan, and total operating expenses rose on an annual basis to 20.93 billion yuan from 20.11 billion yuan.

Reported net income rose on an annual basis to 779.9 million yuan, or 6 fen per share, from 768.1 million yuan, or 6 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.