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Zhejiang Hangmin Q3 profit falls YOY

Zhejiang Hangmin Co. Ltd said its third-quarter normalized net income amounted to 14 fen per share, compared with 14 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 90.2 million yuan, compared with 90.7 million yuan in the year-earlier period.

The normalized profit margin rose to 11.4% from 11.3% in the year-earlier period.

Total revenue fell year over year to 793.7 million yuan from 803.6 million yuan, and total operating expenses totaled 635.5 million yuan, compared with 631.6 million yuan in the prior-year period.

Reported net income declined on an annual basis to 120.5 million yuan, or 19 fen per share, from 125.3 million yuan, or 20 fen per share.

As of Oct. 20, US$1 was equivalent to 6.75 yuan.