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Zhejiang Aokang Shoes profit holds mostly steady YOY in Q2

Zhejiang Aokang Shoes Co. Ltd. said its normalized net income for the second quarter was 20 fen per share, compared with 20 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 81.4 million yuan, compared with 81.7 million yuan in the prior-year period.

The normalized profit margin climbed to 11.8% from 10.4% in the year-earlier period.

Total revenue declined 9.1% on an annual basis to 713.3 million yuan from 784.9 million yuan, and total operating expenses fell 11.3% from the prior-year period to 593.7 million yuan from 669.1 million yuan.

Reported net income declined 9.6% year over year to 98.7 million yuan, or 25 fen per share, from 109.2 million yuan, or 27 fen per share.

As of Aug. 16, US$1 was equivalent to 6.63 yuan.