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Zhejiang Red Dragonfly Footwear Q2 profit falls YOY

Zhejiang Red Dragonfly Footwear Co. Ltd. said its second-quarter normalized net income was 11 fen per share, a decrease of 24.9% from 14 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 38.0 million yuan, a decrease of 25.0% from 50.6 million yuan in the year-earlier period.

The normalized profit margin dropped to 6.5% from 6.6% in the year-earlier period.

Total revenue decreased 16.1% on an annual basis to 641.6 million yuan from 764.6 million yuan, and total operating expenses declined 15.5% year over year to 581.6 million yuan from 688.0 million yuan.

Reported net income declined 18.7% from the prior-year period to 59.9 million yuan, or 17 fen per share, from 73.7 million yuan, or 21 fen per share.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.