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Shenzhen Overseas Chinese Town profit misses consensus by 24.9% in Q2

Shenzhen Overseas Chinese Town Co. Ltd. said its second-quarter normalized net income came to 11 fen per share, compared with the S&P Capital IQ consensus estimate of 14 fen per share.

EPS increased 14.6% year over year from 10 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 894.3 million yuan, a gain of 14.7% from 779.9 million yuan in the year-earlier period.

The normalized profit margin declined to 11.7% from 13.1% in the year-earlier period.

Total revenue rose 28.1% on an annual basis to 7.63 billion yuan from 5.96 billion yuan, and total operating expenses increased 21.5% from the prior-year period to 5.83 billion yuan from 4.80 billion yuan.

Reported net income came to 976.7 million yuan, or 12 fen per share, compared with 978.9 million yuan, or 12 fen per share, in the prior-year period.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.