Yantai Changyu Pioneer Wine Co. Ltd. said its second-quarter normalized net income came to 18 fen per share, compared with the S&P Capital IQ consensus estimate of 29 fen per share.

EPS declined 32.6% year over year from 27 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 123.3 million yuan, a decrease of 31.7% from 180.5 million yuan in the year-earlier period.

The normalized profit margin fell to 15.3% from 18.0% in the year-earlier period.

Total revenue fell 13.0% on an annual basis to 870.8 million yuan from 1.00 billion yuan, and total operating expenses declined 6.4% on an annual basis to 666.8 million yuan from 712.7 million yuan.

Reported net income decreased 29.5% from the prior-year period to 152.2 million yuan, or 22 fen per share, from 215.8 million yuan, or 32 fen per share.

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