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Zhejiang Haers Vacuum Containers Q2 profit falls YOY

Zhejiang Haers Vacuum Containers Co. Ltd. said its second-quarter normalized net income came to 1 fen per share, a decrease of 73.5% from 4 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 4.9 million yuan, a decrease of 72.7% from 17.9 million yuan in the year-earlier period.

The normalized profit margin declined to 3.3% from 8.8% in the year-earlier period.

Total revenue declined 11.2% year over year to 180.5 million yuan from 203.2 million yuan, and total operating expenses declined from the prior-year period to 174.6 million yuan from 177.2 million yuan.

Reported net income decreased 68.2% from the prior-year period to 7.6 million yuan, or 2 fen per share, from 24.0 million yuan, or 6 fen per share.

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