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Shenzhen Fuanna Bedding & Furnishing Q2 profit climbs 36.4% YOY

Shenzhen Fuanna Bedding & Furnishing Co. Ltd. said its second-quarter normalized net income amounted to 7 fen per share, compared with the S&P Capital IQ consensus estimate of 7 fen per share.

EPS climbed 36.2% year over year from 5 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 62.3 million yuan, an increase of 36.4% from 45.7 million yuan in the prior-year period.

The normalized profit margin increased to 15.7% from 11.4% in the year-earlier period.

Total revenue totaled 400.1 million yuan, compared with 401.7 million yuan in the prior-year period, and total operating expenses fell 6.1% from the prior-year period to 314.6 million yuan from 335.0 million yuan.

Reported net income grew 43.7% on an annual basis to 81.9 million yuan, or 9 fen per share, from 57.0 million yuan, or 7 fen per share.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.