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Zhejiang Orient Q2 profit climbs 13.5% YOY

Zhejiang Orient Holdings Co. Ltd. said its normalized net income for the second quarter came to 39 fen per share, a gain of 12.7% from 34 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 198.8 million yuan, a gain of 13.5% from 175.2 million yuan in the year-earlier period.

The normalized profit margin climbed to 14.7% from 9.4% in the year-earlier period.

Total revenue decreased 32.7% on an annual basis to 1.25 billion yuan from 1.86 billion yuan, and total operating expenses declined 38.5% year over year to 1.17 billion yuan from 1.90 billion yuan.

Reported net income grew 23.5% from the prior-year period to 250.2 million yuan, or 49 fen per share, from 202.5 million yuan, or 40 fen per share.

As of Aug. 24, US$1 was equivalent to 6.66 yuan.