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Ningbo Tuopu profit misses consensus by 25.3% in Q2

Ningbo Tuopu Group Co. Ltd. said its second-quarter normalized net income was 14 fen per share, compared with the S&P Capital IQ consensus estimate of 19 fen per share.

EPS climbed year over year from 14 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 92.0 million yuan, a gain from 88.9 million yuan in the prior-year period.

The normalized profit margin declined to 11.4% from 11.7% in the year-earlier period.

Total revenue rose 15.7% on an annual basis to 877.6 million yuan from 758.7 million yuan, and total operating expenses grew 13.3% on an annual basis to 730.3 million yuan from 644.5 million yuan.

Reported net income grew 16.3% on an annual basis to 142.9 million yuan, or 22 fen per share, from 122.9 million yuan, or 19 fen per share.

As of Aug. 24, US$1 was equivalent to 6.66 yuan.