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CRRC profit misses consensus by 37.0% in Q3

CRRC Corp. Ltd. said its normalized net income for the third quarter amounted to 8 fen per share, compared with the S&P Capital IQ consensus estimate of 13 fen per share.

EPS declined 20.5% year over year from 10 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.26 billion yuan, a decline of 17.6% from 2.75 billion yuan in the prior-year period.

The normalized profit margin declined to 4.4% from 4.6% in the year-earlier period.

Total revenue declined 7.4% year over year to 55.32 billion yuan from 59.75 billion yuan, and total operating expenses declined 7.8% on an annual basis to 50.21 billion yuan from 54.44 billion yuan.

Reported net income decreased 8.1% on an annual basis to 3.26 billion yuan, or 12 fen per share, from 3.55 billion yuan, or 13 fen per share.

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