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Guangdong Wens Foodstuff profit beats consensus by 30.1% in Q1

Guangdong Wens Foodstuff Group Co. Ltd. said its normalized net income for the first quarter was 21 fen per share, compared with the S&P Capital IQ consensus estimate of 16 fen per share.

EPS declined 43.8% year over year from 37 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.07 billion yuan, a decrease of 43.8% from 1.91 billion yuan in the year-earlier period.

The normalized profit margin fell to 8.4% from 14.2% in the year-earlier period.

Total revenue fell year over year to 12.80 billion yuan from 13.46 billion yuan, and total operating expenses rose 10.1% year over year to 11.27 billion yuan from 10.24 billion yuan.

Reported net income fell 52.4% on an annual basis to 1.47 billion yuan, or 28 fen per share, from 3.09 billion yuan, or 59 fen per share.

As of April 17, US$1 was equivalent to 6.89 yuan.