Happigo Home Shopping Co. Ltd. said its normalized net income for the second quarter was 3 fen per share, a decrease of 59.1% from 7 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 11.0 million yuan, a decrease of 54.8% from 24.3 million yuan in the year-earlier period.

The normalized profit margin dropped to 1.6% from 3.7% in the year-earlier period.

Total revenue climbed 16.1% year over year to 760.9 million yuan from 655.3 million yuan, and total operating expenses grew 20.0% on an annual basis to 749.7 million yuan from 624.9 million yuan.

Reported net income fell 48.0% year over year to 20.0 million yuan, or 5 fen per share, from 38.6 million yuan, or 11 fen per share.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.