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Zhejiang Meida Industrial Q2 profit climbs 24.6% YOY

Zhejiang Meida Industrial Co. Ltd. said its second-quarter normalized net income amounted to 4 fen per share, a gain of 27.6% from 3 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 25.2 million yuan, a gain of 24.6% from 20.2 million yuan in the prior-year period.

The normalized profit margin declined to 17.7% from 18.7% in the year-earlier period.

Total revenue climbed 33.4% on an annual basis to 144.6 million yuan from 108.4 million yuan, and total operating expenses grew 24.3% year over year to 108.4 million yuan from 87.2 million yuan.

Reported net income increased 29.0% year over year to 37.0 million yuan, or 6 fen per share, from 28.7 million yuan, or 4 fen per share.

As of Aug. 17, US$1 was equivalent to 6.64 yuan.