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Henan Shuanghui Investment profit misses consensus by 37.9% in Q2

Henan Shuanghui Investment & Development Co. Ltd. said its second-quarter normalized net income amounted to 23 fen per share, compared with the S&P Capital IQ consensus estimate of 37 fen per share.

EPS declined 10.8% year over year from 26 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 757.7 million yuan, a decrease of 10.8% from 849.8 million yuan in the prior-year period.

The normalized profit margin dropped to 6.4% from 6.6% in the year-earlier period.

Total revenue fell 7.6% on an annual basis to 11.82 billion yuan from 12.79 billion yuan, and total operating expenses decreased 8.2% year over year to 10.53 billion yuan from 11.47 billion yuan.

Reported net income declined from the prior-year period to 1.03 billion yuan, or 31 fen per share, from 1.08 billion yuan, or 33 fen per share.

As of Aug. 14, US$1 was equivalent to 6.67 yuan.