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Shenzhen Overseas Chinese Town Q1 profit climbs 22.4% YOY

Shenzhen Overseas Chinese Town Co. Ltd. said its first-quarter normalized net income came to 8 fen per share, compared with the S&P Capital IQ consensus estimate of 8 fen per share.

EPS rose 22.5% year over year from 7 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 664.7 million yuan, an increase of 22.4% from 543.2 million yuan in the prior-year period.

The normalized profit margin climbed to 10.8% from 9.9% in the year-earlier period.

Total revenue grew 11.9% year over year to 6.16 billion yuan from 5.50 billion yuan, and total operating expenses grew 9.3% on an annual basis to 4.80 billion yuan from 4.39 billion yuan.

Reported net income grew 26.0% from the prior-year period to 757.0 million yuan, or 9 fen per share, from 600.9 million yuan, or 7 fen per share.

As of April 26, US$1 was equivalent to 6.89 yuan.