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Shenzhen Overseas Chinese Town profit misses consensus by 35.3% in Q1

Shenzhen Overseas Chinese Town Co. Ltd. said its normalized net income for the first quarter was 6 fen per share, compared with the S&P Capital IQ consensus estimate of 9 fen per share.

EPS decreased 25.9% year over year from 8 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 423.4 million yuan, a decline of 25.9% from 571.2 million yuan in the year-earlier period.

The normalized profit margin increased to 10.3% from 10.0% in the year-earlier period.

Total revenue fell 27.1% year over year to 4.15 billion yuan from 5.69 billion yuan, and total operating expenses declined 25.7% year over year to 3.32 billion yuan from 4.47 billion yuan.

Reported net income declined 22.5% from the prior-year period to 516.1 million yuan, or 7 fen per share, from 666.0 million yuan, or 9 fen per share.

As of April 20, US$1 was equivalent to 6.20 yuan.