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Anhui Conch Cement profit misses consensus by 23.9% in Q2

Anhui Conch Cement Co. Ltd. said its second-quarter normalized net income was 29 fen per share, compared with the S&P Capital IQ consensus estimate of 38 fen per share.

EPS declined 38.5% year over year from 47 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.55 billion yuan, a decrease of 37.9% from 2.49 billion yuan in the year-earlier period.

The normalized profit margin dropped to 13.2% from 19.2% in the year-earlier period.

Total revenue rose on an annual basis to 13.37 billion yuan from 12.99 billion yuan, and total operating expenses declined 6.5% year over year to 10.36 billion yuan from 11.09 billion yuan.

Reported net income fell 26.5% on an annual basis to 2.20 billion yuan, or 41 fen per share, from 2.99 billion yuan, or 56 fen per share.

As of Aug. 22, US$1 was equivalent to 6.64 yuan.