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Fujian Funeng Q3 profit falls YOY

Fujian Funeng Co. Ltd said its normalized net income for the third quarter was 15 fen per share, a decrease of 28.0% from 20 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 228.2 million yuan, a decline of 11.3% from 257.2 million yuan in the prior-year period.

The normalized profit margin declined to 12.2% from 12.8% in the year-earlier period.

Total revenue declined 6.9% year over year to 1.87 billion yuan from 2.01 billion yuan, and total operating expenses fell on an annual basis to 1.40 billion yuan from 1.47 billion yuan.

Reported net income declined 11.3% from the prior-year period to 280.6 million yuan, or 18 fen per share, from 316.2 million yuan, or 25 fen per share.

As of Oct. 25, US$1 was equivalent to 6.78 yuan.