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CRRC profit misses consensus by 39.1% in Q2

CRRC Corp. Ltd. said its normalized net income for the second quarter came to 6 fen per share, compared with the S&P Capital IQ consensus estimate of 10 fen per share.

EPS fell 18.9% year over year from 8 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.57 billion yuan, a decrease of 16.5% from 3.08 billion yuan in the prior-year period.

The normalized profit margin dropped to 4.0% from 4.4% in the year-earlier period.

Total revenue totaled 69.52 billion yuan, compared with 69.55 billion yuan in the prior-year period, and total operating expenses climbed on an annual basis to 64.93 billion yuan from 63.68 billion yuan.

Reported net income grew on an annual basis to 3.73 billion yuan, or 9 fen per share, from 3.63 billion yuan, or 9 fen per share.

As of Aug. 28, US$1 was equivalent to 6.39 yuan.