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Shenzhen Overseas Chinese Town profit misses consensus by 24.9% in Q3

Shenzhen Overseas Chinese Town Co. Ltd. said its third-quarter normalized net income was 12 fen per share, compared with the S&P Capital IQ consensus estimate of 16 fen per share.

EPS increased 14.6% year over year from 10 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 873.9 million yuan, a gain of 14.8% from 761.5 million yuan in the prior-year period.

The normalized profit margin dropped to 12.0% from 13.6% in the year-earlier period.

Total revenue grew 30.0% year over year to 7.28 billion yuan from 5.60 billion yuan, and total operating expenses climbed 33.7% on an annual basis to 5.59 billion yuan from 4.18 billion yuan.

Reported net income grew 19.6% from the prior-year period to 1.08 billion yuan, or 15 fen per share, from 900.4 million yuan, or 12 fen per share.

As of Oct. 15, US$1 was equivalent to 6.35 yuan.