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Jiangsu Yanghe Brewery profit misses consensus by 16.6% in Q2

Jiangsu Yanghe Brewery JSC Ltd. said its normalized net income for the second quarter was 53 fen per share, compared with the S&P Capital IQ consensus estimate of 63 fen per share.

EPS rose 12.2% year over year from 47 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 794.4 million yuan, an increase of 12.1% from 708.4 million yuan in the year-earlier period.

The normalized profit margin rose to 24.0% from 23.7% in the year-earlier period.

Total revenue rose 11.0% year over year to 3.31 billion yuan from 2.98 billion yuan, and total operating expenses climbed 10.2% on an annual basis to 2.10 billion yuan from 1.91 billion yuan.

Reported net income rose 12.3% year over year to 957.7 million yuan, or 63 fen per share, from 853.1 million yuan, or 56 fen per share.

As of Aug. 28, US$1 was equivalent to 6.39 yuan.