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Shanghai Electric Q2 profit climbs 981.7% YOY

Shanghai Electric Group Co. Ltd. said its second-quarter normalized net income was 272.1 million yuan, a rise of 981.7% from 25.2 million yuan in the prior-year period.

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

The normalized profit margin increased to 1.6% from 0.1% in the year-earlier period.

Total revenue fell on an annual basis to 20.11 billion yuan from 20.36 billion yuan, and total operating expenses came to 19.32 billion yuan, compared with 19.42 billion yuan in the prior-year period.

Reported net income increased 9.4% from the prior-year period to 685.1 million yuan, or 5 fen per share, from 626.1 million yuan, or 5 fen per share.

As of Aug. 28, US$1 was equivalent to 6.39 yuan.