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Shenzhen Overseas Chinese Town profit beats consensus by 21.1% in Q3

Shenzhen Overseas Chinese Town Co. Ltd. said its third-quarter normalized net income amounted to 28 fen per share, compared with the S&P Capital IQ consensus estimate of 23 fen per share.

EPS rose 132.8% year over year from 12 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.29 billion yuan, a gain of 132.8% from 982.1 million yuan in the prior-year period.

The normalized profit margin climbed to 41.0% from 12.9% in the year-earlier period.

Total revenue declined 26.5% year over year to 5.58 billion yuan from 7.59 billion yuan, and total operating expenses decreased 23.0% on an annual basis to 4.37 billion yuan from 5.68 billion yuan.

Reported net income grew 124.1% year over year to 3.00 billion yuan, or 37 fen per share, from 1.34 billion yuan, or 16 fen per share.

As of Oct. 27, US$1 was equivalent to 6.65 yuan.