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Guangdong Wens Foodstuff profit misses consensus by 67.0% in Q3

Guangdong Wens Foodstuff Group Co. Ltd. said its normalized net income for the third quarter was 24 fen per share, compared with the S&P Capital IQ consensus estimate of 74 fen per share.

EPS decreased 42.6% year over year from 43 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.28 billion yuan, a decline of 42.6% from 2.22 billion yuan in the year-earlier period.

The normalized profit margin fell to 9.1% from 14.5% in the year-earlier period.

Total revenue decreased 7.8% year over year to 14.10 billion yuan from 15.28 billion yuan, and total operating expenses climbed from the prior-year period to 11.88 billion yuan from 11.57 billion yuan.

Reported net income declined 38.2% year over year to 2.23 billion yuan, or 43 fen per share, from 3.61 billion yuan, or 69 fen per share.

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