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Shenwan Hongyuan Group Q2 profit climbs 650.7% YOY

Shenwan Hongyuan Group Co., Ltd. said its normalized net income for the second quarter came to 18 fen per share, a gain of 685.6% from 2 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 3.87 billion yuan, an increase of 650.7% from 516.2 million yuan in the prior-year period.

The normalized profit margin rose to 35.2% from 19.2% in the year-earlier period.

Total revenue grew 309.2% on an annual basis to 11.00 billion yuan from 2.69 billion yuan, and total operating expenses increased 200.0% from the prior-year period to 4.63 billion yuan from 1.54 billion yuan.

Reported net income rose 440.6% year over year to 4.79 billion yuan, or 22 fen per share, from 886.0 million yuan, or 4 fen per share.

As of Aug. 28, US$1 was equivalent to 6.39 yuan.