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Shanghai International Port profit misses consensus by 26.4% in Q2

Shanghai International Port (Group) Co. Ltd. said its second-quarter normalized net income amounted to 5 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS fell year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.13 billion yuan, compared with 1.13 billion yuan in the prior-year period.

The normalized profit margin declined to 14.8% from 15.4% in the year-earlier period.

Total revenue rose 13.1% on an annual basis to 8.31 billion yuan from 7.35 billion yuan, and total operating expenses climbed 16.6% on an annual basis to 6.39 billion yuan from 5.48 billion yuan.

Reported net income rose 6.5% on an annual basis to 1.70 billion yuan, or 7 fen per share, from 1.59 billion yuan, or 7 fen per share.

As of Aug. 29, US$1 was equivalent to 6.68 yuan.