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Chang Chun Eurasia profit misses consensus by 38.4% in Q1

Chang Chun Eurasia Group Co. Ltd. said its normalized net income for the first quarter amounted to 20 fen per share, compared with the S&P Capital IQ consensus estimate of 33 fen per share.

EPS decreased year over year from 21 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 30.6 million yuan, a decline of 6.6% from 32.7 million yuan in the prior-year period.

The normalized profit margin fell to 1.1% from 1.2% in the year-earlier period.

Total revenue increased 13.1% on an annual basis to 2.97 billion yuan from 2.63 billion yuan, and total operating expenses increased 11.4% from the prior-year period to 2.81 billion yuan from 2.52 billion yuan.

Reported net income increased 13.8% on an annual basis to 45.2 million yuan, or 30 fen per share, from 39.7 million yuan, or 25 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.