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China Railway Group profit beats consensus by 22.7% in Q2

China Railway Group Ltd. said its normalized net income for the second quarter came to 14 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS increased 52.8% year over year from 9 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.09 billion yuan, an increase of 49.3% from 2.07 billion yuan in the prior-year period.

The normalized profit margin climbed to 2.7% from 1.3% in the year-earlier period.

Total revenue fell 6.6% on an annual basis to 148.39 billion yuan from 158.90 billion yuan, and total operating expenses decreased 7.0% year over year to 143.75 billion yuan from 154.52 billion yuan.

Reported net income rose 11.7% on an annual basis to 2.51 billion yuan, or 11 fen per share, from 2.24 billion yuan, or 10 fen per share.

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