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Shanghai New World Q2 profit climbs 62.2% YOY

Shanghai New World Co. Ltd said its second-quarter normalized net income was 13 fen per share, an increase of 25.1% from 10 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 81.2 million yuan, an increase of 62.2% from 50.1 million yuan in the year-earlier period.

The normalized profit margin increased to 10.2% from 7.3% in the year-earlier period.

Total revenue fell year over year to 654.4 million yuan from 684.8 million yuan, and total operating expenses fell on an annual basis to 570.5 million yuan from 597.4 million yuan.

Reported net income totaled 18.6 million yuan, or 3 fen per share, compared to a loss of 7.1 million yuan, or a loss of 1 fen per share, in the year-earlier period.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.