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China Eastern Airlines profit misses consensus by 82.3% in Q2

China Eastern Airlines Corp. Ltd. said its normalized net income for the second quarter was 3 fen per share, compared with the S&P Capital IQ consensus estimate of 19 fen per share.

EPS fell 68.0% year over year from 11 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 442.1 million yuan, a decline of 66.8% from 1.33 billion yuan in the year-earlier period.

The normalized profit margin fell to 1.9% from 6.1% in the year-earlier period.

Total revenue increased year over year to 22.80 billion yuan from 21.92 billion yuan, and total operating expenses rose year over year to 21.43 billion yuan from 20.61 billion yuan.

Reported net income fell 68.5% from the prior-year period to 631.0 million yuan, or 5 fen per share, from 2.00 billion yuan, or 16 fen per share.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.