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Shanghai International Port profit misses consensus by 48.7% in Q3

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Shanghai International Port profit misses consensus by 48.7% in Q3

Shanghai International Port (Group) Co. Ltd. said its third-quarter normalized net income was 4 fen per share, compared with the S&P Capital IQ consensus estimate of 9 fen per share.

EPS rose 29.9% year over year from 3 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.03 billion yuan, a gain of 29.8% from 790.1 million yuan in the year-earlier period.

The normalized profit margin climbed to 12.1% from 10.7% in the year-earlier period.

Total revenue climbed 14.9% on an annual basis to 8.50 billion yuan from 7.40 billion yuan, and total operating expenses grew 8.5% from the prior-year period to 6.68 billion yuan from 6.16 billion yuan.

Reported net income rose 33.6% on an annual basis to 1.39 billion yuan, or 6 fen per share, from 1.04 billion yuan, or 4 fen per share.

As of Oct. 30, US$1 was equivalent to 6.65 yuan.