Tsingtao Brewery Co. Ltd. said its normalized net income for the first quarter came to 32 fen per share, compared with the S&P Capital IQ consensus estimate of 50 fen per share.
EPS fell 15.6% year over year from 38 fen.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 431.0 million yuan, a decrease of 15.5% from 510.3 million yuan in the prior-year period.
The normalized profit margin declined to 6.8% from 6.9% in the year-earlier period.
Total revenue fell on an annual basis to 7.18 billion yuan from 7.41 billion yuan, and total operating expenses decreased on an annual basis to 6.55 billion yuan from 6.83 billion yuan.
Reported net income declined 11.0% year over year to 521.0 million yuan, or 39 fen per share, from 585.7 million yuan, or 43 fen per share.
As of April 29, US$1 was equivalent to 6.20 yuan.
