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China Railway Group profit misses consensus by 32.4% in Q1

China Railway Group Ltd. said its first-quarter normalized net income was 8 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS climbed year over year from 8 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.68 billion yuan, a gain of 7.3% from 1.57 billion yuan in the year-earlier period.

The normalized profit margin increased to 1.4% from 1.3% in the year-earlier period.

Total revenue rose 6.8% year over year to 126.09 billion yuan from 118.09 billion yuan, and total operating expenses grew 7.0% on an annual basis to 122.14 billion yuan from 114.11 billion yuan.

Reported net income grew 14.0% on an annual basis to 2.07 billion yuan, or 10 fen per share, from 1.82 billion yuan, or 9 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.