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Bright Dairy & Food profit misses consensus by 30.6% in Q4

Bright Dairy & Food Co. Ltd. said its normalized net income for the fourth quarter was 9 fen per share, compared with the S&P Capital IQ consensus estimate of 13 fen per share.

EPS declined 31.2% year over year from 13 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 110.4 million yuan, a decline of 32.5% from 163.7 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.3% from 3.8% in the year-earlier period.

Total revenue climbed 11.4% year over year to 4.74 billion yuan from 4.25 billion yuan, and total operating expenses increased 12.6% year over year to 4.34 billion yuan from 3.86 billion yuan.

Reported net income decreased 17.7% on an annual basis to 137.7 million yuan, or 11 fen per share, from 167.2 million yuan, or 13 fen per share.

For the year, the company's normalized net income totaled 40 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 45 fen.

EPS rose 44.6% from 28 fen in the prior year.

Normalized net income was 495.6 million yuan, a rise of 43.9% from 344.4 million yuan in the prior year.

Full-year total revenue grew year over year to 20.21 billion yuan from 19.37 billion yuan, and total operating expenses increased year over year to 18.94 billion yuan from 18.57 billion yuan.

The company said reported net income increased 34.6% on an annual basis to 563.2 million yuan, or 46 fen per share, in the full year, from 418.3 million yuan, or 34 fen per share.

As of March 28, US$1 was equivalent to 6.89 yuan.