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FAWER Automotive Parts Q2 profit climbs 57.6% YOY

FAWER Automotive Parts Ltd. Co. said its normalized net income for the second quarter came to 10 fen per share, a gain of 61.8% from 6 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 128.2 million yuan, an increase of 57.6% from 81.3 million yuan in the prior-year period.

The normalized profit margin rose to 9.2% from 7.2% in the year-earlier period.

Total revenue rose 30.7% year over year to 1.47 billion yuan from 1.13 billion yuan, and total operating expenses grew 30.3% from the prior-year period to 1.41 billion yuan from 1.08 billion yuan.

Reported net income increased 67.9% on an annual basis to 212.5 million yuan, or 17 fen per share, from 126.5 million yuan, or 10 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.