Wuliangye Yibin Co. Ltd. said its second-quarter normalized net income amounted to 21 fen per share, compared with the S&P Capital IQ consensus estimate of 29 fen per share.

EPS fell 10.9% year over year from 23 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 791.3 million yuan, a decrease of 10.9% from 887.9 million yuan in the year-earlier period.

The normalized profit margin dropped to 18.0% from 19.8% in the year-earlier period.

Total revenue fell year over year to 4.43 billion yuan from 4.48 billion yuan, and total operating expenses climbed year over year to 3.27 billion yuan from 3.21 billion yuan.

Reported net income fell 10.3% year over year to 983.7 million yuan, or 26 fen per share, from 1.10 billion yuan, or 29 fen per share.

As of Aug. 24, US$1 was equivalent to 6.66 yuan.