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Jardine Cycle & Carriage profit misses consensus by 55.9% in Q1

Jardine Cycle & Carriage Ltd. said its first-quarter normalized net income amounted to 26 cents per share, compared with the S&P Capital IQ consensus estimate of 58 cents per share.

EPS decreased 11.9% year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $91.1 million, a decline of 11.9% from $103.4 million in the prior-year period.

The normalized profit margin dropped to 2.1% from 2.2% in the year-earlier period.

Total revenue declined 14.0% on an annual basis to $4.02 billion from $4.67 billion, and total operating expenses declined 13.0% year over year to $3.65 billion from $4.19 billion.

Reported net income declined 18.4% on an annual basis to $178.1 million, or 50 cents per share, from $218.2 million, or 61 cents per share.