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China Yangtze Power Q3 profit falls YOY

China Yangtze Power Co. Ltd. said its third-quarter normalized net income came to 21 fen per share, a decrease of 29.3% from 30 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 3.54 billion yuan, a decrease of 29.3% from 5.01 billion yuan in the prior-year period.

The normalized profit margin fell to 39.1% from 45.9% in the year-earlier period.

Total revenue declined 22.8% year over year to 8.43 billion yuan from 10.92 billion yuan, and total operating expenses declined year over year to 2.84 billion yuan from 2.89 billion yuan.

Reported net income declined 29.1% on an annual basis to 4.29 billion yuan, or 26 fen per share, from 6.06 billion yuan, or 37 fen per share.

As of Oct. 30, US$1 was equivalent to 6.32 yuan.