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Zhejiang Furun Q2 profit climbs YOY

Zhejiang Furun CO.LTD said its second-quarter normalized net income came to 5.2 million yuan, a rise from 2.2 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 2.9% from 0.8% in the year-earlier period.

Total revenue fell 22.8% on an annual basis to 197.5 million yuan from 256.0 million yuan, and total operating expenses declined 20.7% year over year to 195.8 million yuan from 246.9 million yuan.

Reported net income came to a loss of 823,370 yuan, or a loss of 0 fen per share, compared to income of 7.1 million yuan, or 2 fen per share, in the prior-year period.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.