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China Mengniu Dairy profit misses consensus by 22.3% in H1

China Mengniu Dairy Co. Ltd. said its first-half normalized net income amounted to 27 fen per share, compared with the S&P Capital IQ consensus estimate of 35 fen per share.

EPS increased 28.4% year over year from 21 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.06 billion yuan, an increase of 28.7% from 823.1 million yuan in the prior-year period.

Total revenue rose 8.1% on an annual basis to 29.47 billion yuan from 27.26 billion yuan, and total operating expenses grew 6.3% from the prior-year period to 27.50 billion yuan from 25.87 billion yuan.

Reported net income increased 4.9% year over year to 1.13 billion yuan, or 29 fen per share, from 1.08 billion yuan, or 28 fen per share.

As of Sept. 27, US$1 was equivalent to 6.63 yuan.