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Hangzhou Jiebai Q2 profit falls YOY

Hangzhou Jiebai Group Co. Ltd. said its second-quarter normalized net income was 6 fen per share, a decline of 10.8% from 7 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 44.4 million yuan, a decrease of 5.2% from 46.9 million yuan in the year-earlier period.

The normalized profit margin increased to 3.6% from 3.5% in the year-earlier period.

Total revenue fell 7.7% on an annual basis to 1.24 billion yuan from 1.34 billion yuan, and total operating expenses decreased 8.4% from the prior-year period to 1.13 billion yuan from 1.24 billion yuan.

Reported net income declined year over year to 57.4 million yuan, or 8 fen per share, from 60.4 million yuan, or 9 fen per share.

As of July 29, US$1 was equivalent to 6.21 yuan.