Henan Shuanghui Investment & Development Co. Ltd. said its first-quarter normalized net income was 21 fen per share, compared with the S&P Capital IQ consensus estimate of 33 fen per share.
EPS fell 21.6% year over year from 27 fen.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 693.9 million yuan, a decline of 21.6% from 884.6 million yuan in the year-earlier period.
The normalized profit margin dropped to 5.7% from 6.9% in the year-earlier period.
Total revenue decreased year over year to 12.23 billion yuan from 12.74 billion yuan, and total operating expenses decreased from the prior-year period to 11.06 billion yuan from 11.36 billion yuan.
Reported net income fell 18.2% year over year to 878.6 million yuan, or 27 fen per share, from 1.07 billion yuan, or 33 fen per share.
As of April 27, US$1 was equivalent to 6.89 yuan.