Yantai Changyu Pioneer Wine Co. Ltd. said its first-quarter normalized net income came to 65 fen per share, compared with the S&P Capital IQ consensus estimate of 74 fen per share.

EPS increased year over year from 64 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 446.6 million yuan, an increase from 439.3 million yuan in the year-earlier period.

The normalized profit margin declined to 23.9% from 24.1% in the year-earlier period.

Total revenue grew year over year to 1.88 billion yuan from 1.83 billion yuan, and total operating expenses rose year over year to 1.16 billion yuan from 1.13 billion yuan.

Reported net income rose on an annual basis to 542.8 million yuan, or 79 fen per share, from 530.2 million yuan, or 77 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.