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China Railway Group Q2 profit falls YOY

China Railway Group Ltd. said its second-quarter normalized net income amounted to 13 fen per share, compared with the S&P Capital IQ consensus estimate of 14 fen per share.

EPS declined 18.7% year over year from 16 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.03 billion yuan, a decrease of 22.9% from 3.93 billion yuan in the prior-year period.

The normalized profit margin declined to 2.5% from 2.7% in the year-earlier period.

Total revenue fell on an annual basis to 145.37 billion yuan from 148.39 billion yuan, and total operating expenses fell year over year to 140.82 billion yuan from 142.42 billion yuan.

Reported net income grew on an annual basis to 2.84 billion yuan, or 12 fen per share, from 2.73 billion yuan, or 11 fen per share.

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