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Kunming Sinobright (Group) Q2 profit falls YOY

Kunming Sinobright (Group) Co. Ltd. said its normalized net income for the second quarter was 542,700 yuan, a decrease of 86.4% from 4.0 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 dropped to 0.6% from 1.2% in the year-earlier period.

Total revenue fell 12.8% year over year to 282.1 million yuan from 323.5 million yuan, and total operating expenses declined 11.3% from the prior-year period to 278.3 million yuan from 313.9 million yuan.

Reported net income decreased 77.2% from the prior-year period to 1.8 million yuan, or 0 fen per share, from 8.0 million yuan, or 2 fen per share.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.