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Power Construction Corp. of China Q2 profit falls YOY

Power Construction Corp. of China Ltd. said its normalized net income for the second quarter amounted to 10 fen per share, a decline from 11 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 1.40 billion yuan, a decline from 1.47 billion yuan in the year-earlier period.

The normalized profit margin declined to 2.5% from 2.9% in the year-earlier period.

Total revenue increased 12.6% year over year to 56.68 billion yuan from 50.34 billion yuan, and total operating expenses increased 15.1% from the prior-year period to 53.41 billion yuan from 46.40 billion yuan.

Reported net income grew 6.7% year over year to 1.84 billion yuan, or 13 fen per share, from 1.72 billion yuan, or 13 fen per share.

As of Aug. 29, US$1 was equivalent to 6.68 yuan.