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Shanghai Shenda Q2 profit climbs 23.2% YOY

Shanghai Shenda Co. Ltd. said its normalized net income for the second quarter came to 3 fen per share, an increase of 23.1% from 2 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 20.1 million yuan, an increase of 23.2% from 16.3 million yuan in the prior-year period.

The normalized profit margin increased to 1.2% from 1.0% in the year-earlier period.

Total revenue climbed 19.0% year over year to 1.94 billion yuan from 1.63 billion yuan, and total operating expenses increased 18.2% on an annual basis to 1.92 billion yuan from 1.63 billion yuan.

Reported net income decreased 11.1% on an annual basis to 24.5 million yuan, or 3 fen per share, from 27.5 million yuan, or 4 fen per share.

As of Aug. 31, US$1 was equivalent to 6.68 yuan.