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Inner Mongolia Yili profit misses consensus by 56.5% in Q3

Inner Mongolia Yili Industrial Group Co., Ltd said its normalized net income for the third quarter was 10 fen per share, compared with the S&P Capital IQ consensus estimate of 23 fen per share.

EPS fell 35.9% year over year from 15 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 596.0 million yuan, a decrease of 35.2% from 919.0 million yuan in the prior-year period.

The normalized profit margin dropped to 4.4% from 6.3% in the year-earlier period.

Total revenue rose 7.7% on an annual basis to 15.73 billion yuan from 14.60 billion yuan, and total operating expenses grew 12.4% from the prior-year period to 14.69 billion yuan from 13.07 billion yuan.

Reported net income declined 22.9% year over year to 975.1 million yuan, or 16 fen per share, from 1.27 billion yuan, or 21 fen per share.

As of Oct. 30, US$1 was equivalent to 6.32 yuan.