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Beijing Shunxin Agriculture profit misses consensus by 63.9% in Q3

Beijing Shunxin Agriculture Co.Ltd said its normalized net income for the third quarter was 4 fen per share, compared with the S&P Capital IQ consensus estimate of 10 fen per share.

EPS decreased 41.6% year over year from 6 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 20.6 million yuan, a decline of 41.6% from 35.2 million yuan in the year-earlier period.

The normalized profit margin fell to 0.8% from 2.0% in the year-earlier period.

Total revenue increased 40.6% on an annual basis to 2.51 billion yuan from 1.79 billion yuan, and total operating expenses grew 42.4% on an annual basis to 2.40 billion yuan from 1.69 billion yuan.

Reported net income declined 60.2% on an annual basis to 16.1 million yuan, or 3 fen per share, from 40.6 million yuan, or 7 fen per share.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.