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Foshan Haitian Flavouring & Food profit misses consensus by 28.0% in Q3

Foshan Haitian Flavouring and Food Co. Ltd. said its normalized net income for the third quarter amounted to 14 fen per share, compared with the S&P Capital IQ consensus estimate of 20 fen per share.

EPS increased 17.8% year over year from 12 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 383.6 million yuan, an increase of 14.8% from 334.2 million yuan in the year-earlier period.

The normalized profit margin climbed to 15.6% from 14.8% in the year-earlier period.

Total revenue rose 10.0% year over year to 2.48 billion yuan from 2.25 billion yuan, and total operating expenses grew 9.0% year over year to 1.89 billion yuan from 1.73 billion yuan.

Reported net income grew 15.7% on an annual basis to 506.0 million yuan, or 19 fen per share, from 437.3 million yuan, or 16 fen per share.

As of Oct. 21, US$1 was equivalent to 6.35 yuan.