Beijing Yanjing Brewery Co.Ltd. said its first-quarter normalized net income amounted to 2 fen per share, compared with the S&P Capital IQ consensus estimate of 2 fen per share.

EPS decreased 27.6% year over year from 2 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 46.9 million yuan, a decrease of 28.1% from 65.3 million yuan in the year-earlier period.

The normalized profit margin declined to 1.8% from 2.1% in the year-earlier period.

Total revenue declined year over year to 3.11 billion yuan from 3.15 billion yuan, and total operating expenses came to 3.01 billion yuan, compared with 3.03 billion yuan in the year-earlier period.

Reported net income declined 11.1% on an annual basis to 47.2 million yuan, or 2 fen per share, from 53.0 million yuan, or 2 fen per share.

As of April 29, US$1 was equivalent to 6.48 yuan.