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Ningbo Zhoushan Port Q2 profit falls YOY

Ningbo Zhoushan Port Co. Ltd. said its second-quarter normalized net income came to 4 fen per share, a decrease of 15.7% from 5 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 543.7 million yuan, a decline of 12.9% from 623.9 million yuan in the year-earlier period.

The normalized profit margin fell to 13.6% from 19.6% in the year-earlier period.

Total revenue climbed 34.6% year over year to 4.28 billion yuan from 3.18 billion yuan, and total operating expenses increased 55.1% from the prior-year period to 3.51 billion yuan from 2.26 billion yuan.

Reported net income fell 23.4% from the prior-year period to 749.0 million yuan, or 6 fen per share, from 977.9 million yuan, or 8 fen per share.

As of Aug. 28, US$1 was equivalent to 6.39 yuan.