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Daqin Railway Q1 profit climbs 56.5% YOY

Daqin Railway Co. Ltd. said its first-quarter normalized net income was 17 fen per share, compared with the S&P Capital IQ consensus estimate of 15 fen per share.

EPS rose 52.6% year over year from 11 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.54 billion yuan, a gain of 56.5% from 1.62 billion yuan in the prior-year period.

The normalized profit margin climbed to 20.4% from 14.6% in the year-earlier period.

Total revenue climbed 12.0% year over year to 12.45 billion yuan from 11.11 billion yuan, and total operating expenses totaled 8.97 billion yuan, compared with 8.88 billion yuan in the prior-year period.

Reported net income rose 53.9% from the prior-year period to 3.16 billion yuan, or 21 fen per share, from 2.05 billion yuan, or 14 fen per share.

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