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Jardine Cycle & Carriage profit misses consensus by 49.5% in Q3

Jardine Cycle & Carriage Ltd. said its third-quarter normalized net income came to 29 cents per share, compared with the S&P Capital IQ consensus estimate of 57 cents per share.

EPS decreased year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $106.7 million, compared with $106.5 million in the year-earlier period.

The normalized profit margin rose to 2.9% from 2.3% in the year-earlier period.

Total revenue decreased 19.8% on an annual basis to $3.70 billion from $4.61 billion, and total operating expenses decreased 19.5% year over year to $3.30 billion from $4.10 billion.

Reported net income decreased 14.5% year over year to $182.2 million, or 49 cents per share, from $213.2 million, or 58 cents per share.