Kweichow Moutai Co. Ltd. said its second-quarter normalized net income was 2.57 yuan per share, compared with the S&P Capital IQ consensus estimate of 3.22 yuan per share.

EPS increased 11.9% year over year from 2.30 yuan.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.22 billion yuan, an increase of 11.9% from 2.88 billion yuan in the year-earlier period.

The normalized profit margin fell to 39.4% from 39.8% in the year-earlier period.

Total revenue increased 13.1% year over year to 8.18 billion yuan from 7.23 billion yuan, and total operating expenses climbed 17.3% on an annual basis to 2.91 billion yuan from 2.48 billion yuan.

Reported net income grew 11.1% on an annual basis to 3.91 billion yuan, or 3.12 yuan per share, from 3.52 billion yuan, or 2.81 yuan per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.