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Jiangsu Yanghe Brewery profit misses consensus by 24.5% in Q2

Jiangsu Yanghe Brewery JSC Ltd. said its second-quarter normalized net income was 53 fen per share, compared with the S&P Capital IQ consensus estimate of 70 fen per share.

In the prior-year period, the per-share result came in at a profit of 52 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 798.2 million yuan, compared with 794.8 million yuan in the year-earlier period.

The normalized profit margin fell to 23.9% from 24.0% in the year-earlier period.

Total revenue rose on an annual basis to 3.35 billion yuan from 3.31 billion yuan, and total operating expenses climbed year over year to 2.15 billion yuan from 2.10 billion yuan.

Reported net income rose on an annual basis to 967.8 million yuan, or 64 fen per share, from 957.7 million yuan, or 63 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.