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Foshan Haitian Flavouring & Food Q2 profit climbs 16.9% YOY

Foshan Haitian Flavouring and Food Co. Ltd. said its normalized net income for the second quarter was 22 fen per share, compared with the S&P Capital IQ consensus estimate of 26 fen per share.

EPS increased 18.5% year over year from 19 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 600.0 million yuan, an increase of 16.9% from 513.2 million yuan in the prior-year period.

The normalized profit margin fell to 17.5% from 18.7% in the year-earlier period.

Total revenue rose 24.9% on an annual basis to 3.43 billion yuan from 2.74 billion yuan, and total operating expenses grew 29.3% year over year to 2.53 billion yuan from 1.96 billion yuan.

Reported net income increased 25.2% year over year to 846.2 million yuan, or 32 fen per share, from 676.2 million yuan, or 25 fen per share.

As of Aug. 14, US$1 was equivalent to 6.67 yuan.