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Focus Media profit misses consensus by 22.9% in Q2

Focus Media Information Technology Co. Ltd. said its normalized net income for the second quarter amounted to 6 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS declined 94.1% year over year from 93 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 668.9 million yuan, a decline of 15.1% from 787.7 million yuan in the prior-year period.

The normalized profit margin fell to 31.6% from 32.9% in the year-earlier period.

Total revenue grew 17.8% year over year to 2.82 billion yuan from 2.40 billion yuan, and total operating expenses rose 31.4% from the prior-year period to 1.80 billion yuan from 1.37 billion yuan.

Reported net income grew 16.7% year over year to 1.25 billion yuan, or 10 fen per share, from 1.07 billion yuan, or 1.27 yuan per share.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.