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Qingdao Doublestar Q3 profit climbs YOY

Qingdao Doublestar Co. Ltd. said its third-quarter normalized net income amounted to 3 fen per share, an increase from 1 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 23.1 million yuan, an increase from 9.5 million yuan in the year-earlier period.

The normalized profit margin increased to 1.9% from 1.5% in the year-earlier period.

Total revenue grew 90.5% on an annual basis to 1.22 billion yuan from 641.5 million yuan, and total operating expenses increased 87.9% from the prior-year period to 1.17 billion yuan from 624.8 million yuan.

Reported net income increased 70.3% year over year to 27.1 million yuan, or 4 fen per share, from 15.9 million yuan, or 2 fen per share.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.