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Daqin Railway profit misses consensus by 20.2% in Q1

Daqin Railway Co. Ltd. said its normalized net income for the first quarter amounted to 20 fen per share, compared with the S&P Capital IQ consensus estimate of 26 fen per share.

EPS increased 5.6% year over year from 19 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.02 billion yuan, a gain of 6.8% from 2.83 billion yuan in the prior-year period.

The normalized profit margin declined to 21.7% from 21.9% in the year-earlier period.

Total revenue increased 7.4% year over year to 13.88 billion yuan from 12.92 billion yuan, and total operating expenses grew 6.9% year over year to 9.37 billion yuan from 8.77 billion yuan.

Reported net income grew 5.4% from the prior-year period to 3.72 billion yuan, or 25 fen per share, from 3.53 billion yuan, or 24 fen per share.

As of April 28, US$1 was equivalent to 6.20 yuan.