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Hunan Zhenghong Science & Technology Q2 profit falls YOY

Hunan Zhenghong Science and Technology Develop Co.Ltd. said its normalized net income for the second quarter was 1.5 million yuan, a decrease of 41.8% from 2.6 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.3% from 0.5% in the year-earlier period.

Total revenue declined 21.7% on an annual basis to 375.7 million yuan from 479.8 million yuan, and total operating expenses declined 22.4% on an annual basis to 372.3 million yuan from 479.7 million yuan.

Reported net income declined from the prior-year period to 1.5 million yuan, or 1 fen per share, from 1.5 million yuan, or 1 fen per share.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.