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Markor International Home Furnishings profit misses consensus by 38.1% in Q1

Markor International Home Furnishings Co. Ltd. said its first-quarter normalized net income was 2 fen per share, compared with the S&P Capital IQ consensus estimate of 4 fen per share.

EPS increased 28.3% year over year from 2 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 34.2 million yuan, a gain of 13.5% from 30.1 million yuan in the prior-year period.

The normalized profit margin increased to 4.9% from 4.7% in the year-earlier period.

Total revenue increased 9.2% year over year to 692.3 million yuan from 634.2 million yuan, and total operating expenses rose 8.7% from the prior-year period to 628.8 million yuan from 578.6 million yuan.

Reported net income grew year over year to 42.8 million yuan, or 3 fen per share, from 41.6 million yuan, or 3 fen per share.

As of April 28, US$1 was equivalent to 6.48 yuan.