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Daqin Railway profit misses consensus by 27.7% in Q3

Daqin Railway Co. Ltd. said its third-quarter normalized net income came to 21 fen per share, compared with the S&P Capital IQ consensus estimate of 29 fen per share.

EPS fell year over year from 22 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.11 billion yuan, a decrease from 3.20 billion yuan in the year-earlier period.

The normalized profit margin rose to 24.2% from 22.5% in the year-earlier period.

Total revenue fell 9.6% on an annual basis to 12.84 billion yuan from 14.20 billion yuan, and total operating expenses declined 12.8% on an annual basis to 8.34 billion yuan from 9.56 billion yuan.

Reported net income fell on an annual basis to 3.85 billion yuan, or 26 fen per share, from 3.98 billion yuan, or 27 fen per share.

As of Oct. 27, US$1 was equivalent to 6.35 yuan.