Beijing Sanfo Outdoor Products Co. Ltd said its normalized net income for the second quarter was 4 fen per share, a decline of 52.0% from 9 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.9 million yuan, a decrease of 24.9% from 6.5 million yuan in the prior-year period.

The normalized profit margin dropped to 6.2% from 9.6% in the year-earlier period.

Total revenue grew 16.5% on an annual basis to 78.9 million yuan from 67.8 million yuan, and total operating expenses rose 24.2% from the prior-year period to 69.8 million yuan from 56.2 million yuan.

Reported net income fell 21.4% year over year to 6.2 million yuan, or 5 fen per share, from 7.8 million yuan, or 11 fen per share.

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