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Luzhou Laojiao profit misses consensus by 20.7% in Q1

Luzhou Laojiao Co. Ltd. said its first-quarter normalized net income came to 31 fen per share, compared with the S&P Capital IQ consensus estimate of 39 fen per share.

EPS rose 7.7% year over year from 29 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 434.2 million yuan, a gain of 7.9% from 402.5 million yuan in the prior-year period.

The normalized profit margin dropped to 22.8% from 25.7% in the year-earlier period.

Total revenue climbed 22.0% on an annual basis to 1.91 billion yuan from 1.56 billion yuan, and total operating expenses climbed 34.2% on an annual basis to 1.22 billion yuan from 908.5 million yuan.

Reported net income grew 9.6% year over year to 540.2 million yuan, or 39 fen per share, from 492.9 million yuan, or 35 fen per share.

As of April 22, US$1 was equivalent to 6.19 yuan.