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Lens Technology Q2 profit falls YOY

Lens Technology Co. Ltd. said its normalized net income for the second quarter amounted to 18.8 million yuan, a decrease of 76.9% from 81.4 million yuan in the prior-year period.

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

The normalized profit margin declined to 0.4% from 2.7% in the year-earlier period.

Total revenue climbed 52.7% year over year to 4.55 billion yuan from 2.98 billion yuan, and total operating expenses climbed 54.4% on an annual basis to 4.45 billion yuan from 2.88 billion yuan.

Reported net income grew 10.2% on an annual basis to 90.5 million yuan, or 3 fen per share, from 82.1 million yuan, or 3 fen per share.

As of Aug. 11, US$1 was equivalent to 6.67 yuan.