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China Communications Construction Q2 profit falls YOY

China Communications Construction Co. Ltd. said its second-quarter normalized net income was 23 fen per share, a decline from 23 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.68 billion yuan, a decrease of 8.2% from 4.01 billion yuan in the prior-year period.

The normalized profit margin increased to 4.7% from 3.9% in the year-earlier period.

Total revenue fell on an annual basis to 100.87 billion yuan from 101.96 billion yuan, and total operating expenses declined on an annual basis to 94.00 billion yuan from 96.24 billion yuan.

Reported net income declined 15.6% from the prior-year period to 3.85 billion yuan, or 24 fen per share, from 4.56 billion yuan, or 27 fen per share.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.