Posted by Kevin Scully
Following its recent profit guidance, there were no major surprises in the Midas 2012 results. In fact the net profit of RMB27.8mn is slightly better than what I was looking for, ie it was a 85% decline compared to my expectations of a 90% decline.
Key highlights of the results:
a) revenue was RMB869.5mn down 19.5%
b) pretax profit was RMB43.8mn down 80.6%
c) net profit was RMB27.8mn down 85%
d) EPS was RMB2.3 fen
e) NAV was RMB2.42 yuan
f) final dividend of 0.25 S cents compared to 0.5 S cents in 2011
In its forward looking statement, Midas continues to reiterate a positive macro picture:
"The PRC rail transportation ...
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