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Wuliangye Yibin profit misses consensus by 28.5% in Q1

Wuliangye Yibin Co. Ltd. said its normalized net income for the first quarter amounted to 47 fen per share, compared with the S&P Capital IQ consensus estimate of 66 fen per share.

EPS decreased 17.6% year over year from 57 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.79 billion yuan, a decline of 17.6% from 2.18 billion yuan in the prior-year period.

The normalized profit margin declined to 26.6% from 32.4% in the year-earlier period.

Total revenue totaled 6.74 billion yuan, compared with 6.72 billion yuan in the prior-year period, and total operating expenses increased 18.3% year over year to 3.91 billion yuan from 3.30 billion yuan.

Reported net income decreased 16.0% from the prior-year period to 2.20 billion yuan, or 58 fen per share, from 2.62 billion yuan, or 69 fen per share.

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