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Chengdu Hongqi Chain profit misses consensus by 58.2% in Q2

Chengdu Hongqi Chain Co. Ltd. said its normalized net income for the second quarter was 3 fen per share, compared with the S&P Capital IQ consensus estimate of 6 fen per share.

EPS fell 8.9% year over year from 3 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 35.6 million yuan, a decrease of 30.3% from 51.0 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.7% from 3.9% in the year-earlier period.

Total revenue climbed 14.7% year over year to 1.48 billion yuan from 1.29 billion yuan, and total operating expenses grew 16.3% year over year to 1.43 billion yuan from 1.23 billion yuan.

Reported net income declined 21.8% on an annual basis to 54.1 million yuan, or 4 fen per share, from 69.2 million yuan, or 4 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.