Jiangsu Lugang Culture Co. Ltd. said its second-quarter normalized net income came to 4 fen per share, a decrease of 28.7% 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 46.3 million yuan, an increase of 23.0% from 37.7 million yuan in the year-earlier period.

The normalized profit margin increased to 5.7% from 5.1% in the year-earlier period.

Total revenue grew 15.8% on an annual basis to 862.1 million yuan from 744.6 million yuan, and total operating expenses grew 13.3% year over year to 759.2 million yuan from 669.8 million yuan.

Reported net income grew 26.9% on an annual basis to 73.2 million yuan, or 7 fen per share, from 57.7 million yuan, or 10 fen per share.

As of Aug. 9, US$1 was equivalent to 6.65 yuan.