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Foshan Haitian Flavouring & Food profit misses consensus by 25.1% in Q1

Foshan Haitian Flavouring and Food Co. Ltd. said its normalized net income for the first quarter came to 20 fen per share, compared with the S&P Capital IQ consensus estimate of 27 fen per share.

EPS climbed 9.2% year over year from 18 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 543.2 million yuan, a gain of 10.8% from 490.0 million yuan in the prior-year period.

The normalized profit margin fell to 17.1% from 17.5% in the year-earlier period.

Total revenue increased 14.2% on an annual basis to 3.19 billion yuan from 2.80 billion yuan, and total operating expenses increased 12.6% from the prior-year period to 2.35 billion yuan from 2.08 billion yuan.

Reported net income rose 15.7% on an annual basis to 733.6 million yuan, or 27 fen per share, from 634.3 million yuan, or 24 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.