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Jiangsu Yanghe Brewery profit misses consensus by 15.7% in Q2

Jiangsu Yanghe Brewery JSC Ltd. said its normalized net income for the second quarter came to 64 fen per share, compared with the S&P Capital IQ consensus estimate of 76 fen per share.

EPS rose 20.7% year over year from 53 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 968.0 million yuan, an increase of 20.8% from 801.3 million yuan in the prior-year period.

The normalized profit margin rose to 24.6% from 23.9% in the year-earlier period.

Total revenue climbed 17.6% on an annual basis to 3.94 billion yuan from 3.35 billion yuan, and total operating expenses rose 18.5% on an annual basis to 2.55 billion yuan from 2.15 billion yuan.

Reported net income increased 20.4% year over year to 1.17 billion yuan, or 77 fen per share, from 967.8 million yuan, or 64 fen per share.

As of Aug. 28, US$1 was equivalent to 6.63 yuan.