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Kweichow Moutai profit misses consensus by 21.9% in Q3

Kweichow Moutai Co. Ltd. said its normalized net income for the third quarter came to 2.38 yuan per share, compared with the S&P Capital IQ consensus estimate of 3.05 yuan per share.

EPS climbed 4.9% year over year from 2.27 yuan.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.99 billion yuan, an increase from 2.85 billion yuan in the prior-year period.

The normalized profit margin increased to 39.4% from 38.5% in the year-earlier period.

Total revenue totaled 7.37 billion yuan, compared with 7.40 billion yuan in the year-earlier period, and total operating expenses decreased from the prior-year period to 2.42 billion yuan from 2.52 billion yuan.

Reported net income rose from the prior-year period to 3.54 billion yuan, or 2.82 yuan per share, from 3.46 billion yuan, or 2.76 yuan per share.

As of Oct. 22, US$1 was equivalent to 6.36 yuan.