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Aeolus Tyre Q2 profit falls YOY

Aeolus Tyre Co. Ltd. said its second-quarter normalized net income was 12 fen per share, compared with 13 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 70.0 million yuan, a decline from 72.9 million yuan in the prior-year period.

The normalized profit margin dropped to 1.6% from 4.2% in the year-earlier period.

Total revenue fell 9.2% year over year to 1.58 billion yuan from 1.74 billion yuan, and total operating expenses declined 9.0% from the prior-year period to 1.47 billion yuan from 1.61 billion yuan.

Reported net income declined 13.0% from the prior-year period to 80.3 million yuan, or 14 fen per share, from 92.2 million yuan, or 16 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.