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Beijing Shunxin Agriculture profit misses consensus by 19.4% in Q4

Beijing Shunxin Agriculture Co.Ltd said its fourth-quarter normalized net income amounted to 13 fen per share, compared with the S&P Capital IQ consensus estimate of 16 fen per share.

EPS rose year over year from 12 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 73.6 million yuan, an increase of 4.9% from 70.1 million yuan in the prior-year period.

The normalized profit margin rose to 3.5% from 3.0% in the year-earlier period.

Total revenue declined 9.9% on an annual basis to 2.11 billion yuan from 2.34 billion yuan, and total operating expenses fell 11.9% year over year to 1.93 billion yuan from 2.20 billion yuan.

Reported net income grew 14.7% from the prior-year period to 88.3 million yuan, or 15 fen per share, from 77.0 million yuan, or 13 fen per share.

For the year, the company's normalized net income totaled 60 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 66 fen.

EPS declined 8.8% from 66 fen in the prior year.

Normalized net income was 341.4 million yuan, a rise from 331.0 million yuan in the prior year.

Full-year total revenue rose year over year to 9.64 billion yuan from 9.48 billion yuan, and total operating expenses rose on an annual basis to 8.91 billion yuan from 8.78 billion yuan.

The company said reported net income grew year over year to 376.3 million yuan, or 66 fen per share, in the full year, from 359.4 million yuan, or 71 fen per share.

As of March 29, US$1 was equivalent to 6.51 yuan.