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China Communications Construction Q3 profit falls YOY

China Communications Construction Co. Ltd. said its normalized net income for the third quarter was 19 fen per share, a decline from 20 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.21 billion yuan, a decline from 3.28 billion yuan in the year-earlier period.

The normalized profit margin dropped to 3.1% from 3.5% in the year-earlier period.

Total revenue grew 10.3% on an annual basis to 103.52 billion yuan from 93.88 billion yuan, and total operating expenses climbed 9.2% on an annual basis to 96.52 billion yuan from 88.43 billion yuan.

Reported net income decreased 10.6% year over year to 3.53 billion yuan, or 21 fen per share, from 3.95 billion yuan, or 24 fen per share.

As of Oct. 30, US$1 was equivalent to 6.32 yuan.