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Markor International Home Furnishings profit misses consensus by 21.6% in Q3

Markor International Home Furnishings Co. Ltd. said its third-quarter normalized net income came to 5 fen per share, compared with the S&P Capital IQ consensus estimate of 6 fen per share.

EPS increased 16.9% year over year from 4 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 70.4 million yuan, a gain of 14.6% from 61.4 million yuan in the prior-year period.

The normalized profit margin fell to 7.3% from 8.3% in the year-earlier period.

Total revenue climbed 28.8% on an annual basis to 953.7 million yuan from 740.7 million yuan, and total operating expenses climbed 30.6% from the prior-year period to 823.8 million yuan from 630.7 million yuan.

Reported net income grew 16.2% on an annual basis to 86.6 million yuan, or 6 fen per share, from 74.5 million yuan, or 5 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.