Guangdong Yantang Dairy Co. Ltd. said its normalized net income for the second quarter came to 17 fen per share, a decline of 15.6% 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 27.2 million yuan, an increase of 16.7% from 23.3 million yuan in the prior-year period.

The normalized profit margin increased to 10.0% from 8.8% in the year-earlier period.

Total revenue increased 5.6% on an annual basis to 279.3 million yuan from 264.4 million yuan, and total operating expenses rose 5.4% on an annual basis to 238.4 million yuan from 226.2 million yuan.

Reported net income grew 14.8% on an annual basis to 34.9 million yuan, or 22 fen per share, from 30.4 million yuan, or 26 fen per share.

As of July 29, US$1 was equivalent to 6.21 yuan.