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Harbin VITI Q2 profit falls YOY

Harbin VITI Electronics Co. Ltd. said its normalized net income for the second quarter came to 3 fen per share, a decrease of 58.0% from 7 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 11.3 million yuan, a decline of 44.0% from 20.1 million yuan in the year-earlier period.

The normalized profit margin declined to 24.7% from 33.2% in the year-earlier period.

Total revenue declined 24.7% year over year to 45.7 million yuan from 60.7 million yuan, and total operating expenses declined 25.9% from the prior-year period to 27.6 million yuan from 37.2 million yuan.

Reported net income declined 42.1% year over year to 16.9 million yuan, or 5 fen per share, from 29.2 million yuan, or 11 fen per share.

As of Aug. 7, US$1 was equivalent to 6.21 yuan.