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China Communications Construction Q3 profit falls YOY

China Communications Construction Co. Ltd. said its third-quarter normalized net income came to 22 fen per share, compared with the S&P Capital IQ consensus estimate of 23 fen per share.

EPS rose 5.6% year over year from 21 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.50 billion yuan, a decrease from 3.64 billion yuan in the year-earlier period.

The normalized profit margin dropped to 3.0% from 3.4% in the year-earlier period.

Total revenue increased 8.7% on an annual basis to 117.20 billion yuan from 107.78 billion yuan, and total operating expenses grew 10.1% on an annual basis to 110.22 billion yuan from 100.08 billion yuan.

Reported net income decreased on an annual basis to 4.19 billion yuan, or 26 fen per share, from 4.25 billion yuan, or 24 fen per share.

As of Oct. 30, US$1 was equivalent to 6.65 yuan.