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Wuxi Commercial Mansion Grand Orient Q2 profit falls YOY

Wuxi Commercial Mansion Grand Orient Co. Ltd. said its normalized net income for the second quarter amounted to 7 fen per share, a decrease from 7 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 34.4 million yuan, a decrease from 35.9 million yuan in the year-earlier period.

The normalized profit margin climbed to 2.0% from 1.8% in the year-earlier period.

Total revenue fell 6.5% on an annual basis to 1.91 billion yuan from 2.04 billion yuan, and total operating expenses fell 6.1% on an annual basis to 1.85 billion yuan from 1.97 billion yuan.

Reported net income rose 14.3% year over year to 49.1 million yuan, or 9 fen per share, from 43.0 million yuan, or 8 fen per share.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.