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Guangdong Wens Foodstuff profit misses consensus by 84.2% in Q2

Guangdong Wens Foodstuff Group Co. Ltd. said its normalized net income for the second quarter was 2 fen per share, compared with the S&P Capital IQ consensus estimate of 15 fen per share.

EPS decreased 95.3% year over year from 49 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 120.5 million yuan, a decline of 95.3% from 2.54 billion yuan in the prior-year period.

The normalized profit margin dropped to 1.0% from 17.0% in the year-earlier period.

Total revenue declined 17.3% year over year to 12.32 billion yuan from 14.90 billion yuan, and total operating expenses increased 16.1% from the prior-year period to 12.30 billion yuan from 10.59 billion yuan.

Reported net income declined 91.9% on an annual basis to 337.0 million yuan, or 6 fen per share, from 4.14 billion yuan, or 79 fen per share.

As of Aug. 14, US$1 was equivalent to 6.67 yuan.