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Luzhou Laojiao profit misses consensus by 17.1% in Q1

Luzhou Laojiao Co. Ltd. said its first-quarter normalized net income amounted to 47 fen per share, compared with the S&P Capital IQ consensus estimate of 57 fen per share.

EPS rose 35.1% year over year from 35 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 662.2 million yuan, a gain of 35.1% from 490.0 million yuan in the prior-year period.

The normalized profit margin rose to 24.8% from 22.1% in the year-earlier period.

Total revenue grew 20.3% year over year to 2.67 billion yuan from 2.22 billion yuan, and total operating expenses rose 11.1% on an annual basis to 1.60 billion yuan from 1.44 billion yuan.

Reported net income increased 34.5% on an annual basis to 797.5 million yuan, or 57 fen per share, from 592.7 million yuan, or 42 fen per share.

As of April 28, US$1 was equivalent to 6.90 yuan.