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Kweichow Moutai profit misses consensus by 29.2% in Q2

Kweichow Moutai Co. Ltd. said its normalized net income for the second quarter came to 2.29 yuan per share, compared with the S&P Capital IQ consensus estimate of 3.24 yuan per share.

In the prior-year period, the per-share result was a profit of 2.30 yuan.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.88 billion yuan, compared with 2.89 billion yuan in the year-earlier period.

The normalized profit margin dropped to 39.8% from 42.0% in the year-earlier period.

Total revenue grew 5.3% year over year to 7.23 billion yuan from 6.87 billion yuan, and total operating expenses grew 16.9% year over year to 2.48 billion yuan from 2.12 billion yuan.

Reported net income totaled 3.53 billion yuan, or 2.81 yuan per share, compared with 3.53 billion yuan, or 2.81 yuan per share, in the prior-year period.

As of Aug. 27, US$1 was equivalent to 6.41 yuan.