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Shanghai Worth Garden Products Q2 profit falls YOY

Shanghai Worth Garden Products Co. Ltd. said its second-quarter normalized net income was 3 fen per share, a decrease of 49.2% 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 2.0 million yuan, a decline of 34.7% from 3.0 million yuan in the prior-year period.

The normalized profit margin fell to 3.8% from 3.9% in the year-earlier period.

Total revenue fell 31.8% on an annual basis to 51.6 million yuan from 75.7 million yuan, and total operating expenses declined 24.6% from the prior-year period to 53.1 million yuan from 70.4 million yuan.

Reported net income decreased 39.4% on an annual basis to 1.8 million yuan, or 3 fen per share, from 3.0 million yuan, or 6 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.