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Guangdong Xinbao Electrical Appliances Q2 profit climbs 50.4% YOY

Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. said its second-quarter normalized net income came to 10 fen per share, an increase of 50.6% from 7 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 77.6 million yuan, a gain of 50.4% from 51.6 million yuan in the year-earlier period.

The normalized profit margin climbed to 5.0% from 3.2% in the year-earlier period.

Total revenue totaled 1.63 billion yuan, compared with 1.62 billion yuan in the prior-year period, and total operating expenses fell from the prior-year period to 1.52 billion yuan from 1.56 billion yuan.

Reported net income grew 44.5% year over year to 99.5 million yuan, or 13 fen per share, from 68.8 million yuan, or 9 fen per share.

As of Aug. 18, US$1 was equivalent to 6.63 yuan.