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Loncin Motor Q2 profit falls YOY

Loncin Motor Co. Ltd. said its second-quarter normalized net income came to 6 fen per share, a decrease of 13.1% from 7 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 117.5 million yuan, a decrease of 11.7% from 133.0 million yuan in the prior-year period.

The normalized profit margin rose to 7.9% from 6.9% in the year-earlier period.

Total revenue declined 10.7% on an annual basis to 1.72 billion yuan from 1.92 billion yuan, and total operating expenses decreased 11.1% on an annual basis to 1.53 billion yuan from 1.72 billion yuan.

Reported net income increased 9.9% year over year to 191.0 million yuan, or 9 fen per share, from 173.7 million yuan, or 9 fen per share.

As of Aug. 7, US$1 was equivalent to 6.21 yuan.