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Shanghai Fenghwa Q2 profit climbs YOY

Shanghai Fenghwa Group Co. Ltd. said its normalized net income for the second quarter was 4.3 million yuan, a gain from 1.6 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 16.5% from 8.9% in the year-earlier period.

Total revenue increased 48.5% year over year to 26.1 million yuan from 17.6 million yuan, and total operating expenses increased 32.4% from the prior-year period to 24.4 million yuan from 18.4 million yuan.

Reported net income grew from the prior-year period to 6.1 million yuan, or 3 fen per share, from 2.7 million yuan, or 1 fen per share.

As of July 29, US$1 was equivalent to 6.63 yuan.