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Xinchen China Power H1 profit falls YOY

Xinchen China Power Holdings Ltd. said its first-half normalized net income amounted to 8 fen per share, a decline of 12.8% from 9 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 96.9 million yuan, a decline of 13.2% from 111.5 million yuan in the year-earlier period.

Total revenue increased on an annual basis to 1.72 billion yuan from 1.67 billion yuan, and total operating expenses grew year over year to 1.59 billion yuan from 1.52 billion yuan.

Reported net income declined 12.5% year over year to 127.9 million yuan, or 10 fen per share, from 146.1 million yuan, or 11 fen per share.

As of Sept. 5, US$1 was equivalent to 6.68 yuan.