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Wuliangye Yibin profit misses consensus by 42.3% in Q2

Wuliangye Yibin Co. Ltd. said its second-quarter normalized net income amounted to 23 fen per share, compared with the S&P Capital IQ consensus estimate of 40 fen per share.

EPS decreased 22.4% year over year from 30 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 878.4 million yuan, a decrease of 22.4% from 1.13 billion yuan in the prior-year period.

The normalized profit margin fell to 19.8% from 22.9% in the year-earlier period.

Total revenue declined 9.4% year over year to 4.48 billion yuan from 4.94 billion yuan, and total operating expenses rose from the prior-year period to 3.21 billion yuan from 3.16 billion yuan.

Reported net income fell 20.7% year over year to 1.10 billion yuan, or 29 fen per share, from 1.38 billion yuan, or 36 fen per share.

As of Aug. 28, US$1 was equivalent to 6.39 yuan.