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Ningbo Gaofa Automotive Q2 profit climbs 10.7% YOY

Ningbo Gaofa Automotive Control System Co. Ltd. said its second-quarter normalized net income amounted to 15 fen per share, a decrease of 15.9% from 18 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 20.1 million yuan, an increase of 10.7% from 18.2 million yuan in the prior-year period.

The normalized profit margin fell to 11.6% from 12.5% in the year-earlier period.

Total revenue increased 24.2% on an annual basis to 180.4 million yuan from 145.2 million yuan, and total operating expenses climbed 30.1% from the prior-year period to 148.8 million yuan from 114.4 million yuan.

Reported net income rose 52.0% from the prior-year period to 29.8 million yuan, or 22 fen per share, from 19.6 million yuan, or 19 fen per share.

As of Aug. 18, US$1 was equivalent to 6.39 yuan.