Guilin Fuda Co. Ltd. said its normalized net income for the second quarter was 2 fen per share, a decline of 74.8% from 6 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 8.0 million yuan, a decrease of 72.3% from 28.9 million yuan in the prior-year period.

The normalized profit margin dropped to 4.1% from 8.5% in the year-earlier period.

Total revenue fell 22.4% on an annual basis to 265.6 million yuan from 342.1 million yuan, and total operating expenses fell 15.2% on an annual basis to 235.6 million yuan from 277.7 million yuan.

Reported net income declined 42.1% year over year to 23.6 million yuan, or 4 fen per share, from 40.8 million yuan, or 8 fen per share.

As of July 24, US$1 was equivalent to 6.21 yuan.