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Inner Mongolia Yili profit misses consensus by 31.2% in Q1

Inner Mongolia Yili Industrial Group Co. Ltd. said its first-quarter normalized net income came to 21 fen per share, compared with the S&P Capital IQ consensus estimate of 30 fen per share.

EPS climbed 6.1% year over year from 19 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.23 billion yuan, a gain of 6.2% from 1.16 billion yuan in the year-earlier period.

The normalized profit margin rose to 7.8% from 7.6% in the year-earlier period.

Total revenue increased year over year to 15.79 billion yuan from 15.33 billion yuan, and total operating expenses climbed year over year to 13.87 billion yuan from 13.63 billion yuan.

Reported net income increased 11.6% on an annual basis to 1.73 billion yuan, or 29 fen per share, from 1.55 billion yuan, or 26 fen per share.

As of April 28, US$1 was equivalent to 6.90 yuan.