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Foshan Haitian Flavouring & Food profit misses consensus by 24.1% in Q2

Foshan Haitian Flavouring and Food Co. Ltd. said its second-quarter normalized net income amounted to 19 fen per share, compared with the S&P Capital IQ consensus estimate of 25 fen per share.

EPS climbed 14.6% year over year from 17 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 512.5 million yuan, a gain of 12.5% from 455.5 million yuan in the year-earlier period.

The normalized profit margin increased to 18.7% from 18.6% in the year-earlier period.

Total revenue increased 11.9% on an annual basis to 2.74 billion yuan from 2.45 billion yuan, and total operating expenses rose 10.6% year over year to 1.96 billion yuan from 1.77 billion yuan.

Reported net income grew 12.4% on an annual basis to 676.2 million yuan, or 25 fen per share, from 601.6 million yuan, or 22 fen per share.

As of Aug. 16, US$1 was equivalent to 6.63 yuan.