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Chongqing Zongshen Power Machinery Q3 profit falls YOY

Chongqing Zongshen Power Machinery Co. Ltd. said its normalized net income for the third quarter amounted to 5 fen per share, a decline of 19.2% from 6 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 55.7 million yuan, a decline of 19.2% from 68.9 million yuan in the year-earlier period.

The normalized profit margin dropped to 5.0% from 5.8% in the year-earlier period.

Total revenue fell 7.3% year over year to 1.11 billion yuan from 1.19 billion yuan, and total operating expenses decreased 7.6% year over year to 997.7 million yuan from 1.08 billion yuan.

Reported net income declined 24.1% year over year to 72.3 million yuan, or 6 fen per share, from 95.3 million yuan, or 8 fen per share.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.