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Wanhua Chemical Q2 profit falls YOY

Wanhua Chemical Group Co. Ltd. said its normalized net income for the second quarter came to 17 fen per share, a decline of 11.3% from 19 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 444.1 million yuan, a decrease of 10.4% from 495.5 million yuan in the year-earlier period.

The normalized profit margin climbed to 8.1% from 7.6% in the year-earlier period.

Total revenue fell 15.6% year over year to 5.51 billion yuan from 6.53 billion yuan, and total operating expenses fell 19.7% on an annual basis to 4.24 billion yuan from 5.28 billion yuan.

Reported net income fell 16.0% on an annual basis to 547.8 million yuan, or 21 fen per share, from 652.0 million yuan, or 25 fen per share.

As of July 23, US$1 was equivalent to 6.21 yuan.