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Shenzhen Overseas Chinese Town profit misses consensus by 50.7% in Q2

Shenzhen Overseas Chinese Town Co. Ltd. said its normalized net income for the second quarter amounted to 10 fen per share, compared with the S&P Capital IQ consensus estimate of 21 fen per share.

EPS decreased 34.9% year over year from 16 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 753.6 million yuan, a decline of 34.9% from 1.16 billion yuan in the prior-year period.

The normalized profit margin declined to 12.6% from 14.6% in the year-earlier period.

Total revenue declined 24.0% on an annual basis to 6.01 billion yuan from 7.91 billion yuan, and total operating expenses fell 18.9% on an annual basis to 4.62 billion yuan from 5.70 billion yuan.

Reported net income decreased 28.0% year over year to 898.3 million yuan, or 12 fen per share, from 1.25 billion yuan, or 17 fen per share.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.