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Yuan Longping High-tech Agriculture profit misses consensus by 58.7% in Q2

Yuan Longping High-tech Agriculture Co. Ltd. said its second-quarter normalized net income amounted to 2 fen per share, compared with the S&P Capital IQ consensus estimate of 4 fen per share.

The per-share result swung to a profit from the prior-year loss of 1 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.4 million yuan, compared with a loss of 10.6 million yuan in the prior-year period.

The normalized profit margin rose to 10.1% from negative 5.1% in the year-earlier period.

Total revenue increased 12.5% on an annual basis to 232.2 million yuan from 206.4 million yuan, and total operating expenses climbed 5.1% year over year to 228.4 million yuan from 217.3 million yuan.

Reported net income came to 35.5 million yuan, or 4 fen per share, compared to a loss of 6.6 million yuan, or a loss of 1 fen per share, in the year-earlier period.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.