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Hengdeli Holdings profit misses consensus by 89.4% in H2

Hengdeli Holdings Ltd said its second-half normalized net income came to 20.3 million yuan, a decrease of 86.4% from 149.6 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue fell 13.4% year over year to 6.55 billion yuan from 7.56 billion yuan, and total operating expenses decreased 11.1% on an annual basis to 6.36 billion yuan from 7.16 billion yuan.

Reported net income totaled a loss of 110.2 million yuan, or a loss of 2 fen per share, compared to income of 225.6 million yuan, or 5 fen per share, in the year-earlier period.

For the year, the company's normalized net income totaled 5 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 9 fen.

EPS declined 39.8% from 8 fen in the prior year.

Normalized net income was 239.5 million yuan, a decline of 40.0% from 399.3 million yuan in the prior year.

Full-year total revenue decreased 9.9% year over year to 13.30 billion yuan from 14.76 billion yuan, and total operating expenses fell 8.4% on an annual basis to 12.65 billion yuan from 13.81 billion yuan.

The company said reported net income fell 71.5% on an annual basis to 143.4 million yuan, or 3 fen per share, in the full year, from 504.0 million yuan, or 11 fen per share.

As of March 29, US$1 was equivalent to 6.51 yuan.