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Shanghai International Port profit misses consensus by 29.9% in Q1

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Shanghai International Port profit misses consensus by 29.9% in Q1

Shanghai International Port (Group) Co. Ltd. said its first-quarter normalized net income came to 5 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS climbed year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.12 billion yuan, an increase from 1.08 billion yuan in the prior-year period.

The normalized profit margin dropped to 15.0% from 15.9% in the year-earlier period.

Total revenue increased 8.9% on an annual basis to 7.42 billion yuan from 6.82 billion yuan, and total operating expenses grew 11.6% from the prior-year period to 5.42 billion yuan from 4.86 billion yuan.

Reported net income rose on an annual basis to 1.50 billion yuan, or 7 fen per share, from 1.44 billion yuan, or 6 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.