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Shenwan Hongyuan Group Q2 profit falls YOY

Shenwan Hongyuan Group Co., Ltd. said its normalized net income for the second quarter amounted to 3 fen per share, a decrease of 83.9% from 21 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 682.3 million yuan, a decrease of 82.4% from 3.87 billion yuan in the prior-year period.

The normalized profit margin dropped to 21.7% from 35.2% in the year-earlier period.

Total revenue declined 71.3% on an annual basis to 3.15 billion yuan from 10.98 billion yuan, and total operating expenses fell 57.3% year over year to 1.98 billion yuan from 4.63 billion yuan.

Reported net income decreased 77.9% from the prior-year period to 1.06 billion yuan, or 5 fen per share, from 4.79 billion yuan, or 26 fen per share.

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