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Shanghai Feilo Acoustics Q2 profit falls YOY

Shanghai Feilo Acoustics Co. Ltd. said its normalized net income for the second quarter amounted to 2 fen per share, a decline of 19.6% from 2 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 18.9 million yuan, a decline of 16.5% from 22.6 million yuan in the prior-year period.

The normalized profit margin dropped to 2.0% from 2.9% in the year-earlier period.

Total revenue grew 83.8% on an annual basis to 1.44 billion yuan from 782.9 million yuan, and total operating expenses climbed 82.4% from the prior-year period to 1.39 billion yuan from 762.4 million yuan.

Reported net income increased 21.1% year over year to 35.0 million yuan, or 3 fen per share, from 28.9 million yuan, or 3 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.