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Hunan Tyen Machinery Q2 profit falls YOY

Hunan Tyen Machinery Co. Ltd. said its second-quarter normalized net income came to 547,640 yuan, a decrease of 93.2% from 8.1 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 declined to 0.6% from 4.6% in the year-earlier period.

Total revenue fell 25.1% year over year to 131.6 million yuan from 175.7 million yuan, and total operating expenses fell 20.5% from the prior-year period to 130.3 million yuan from 163.8 million yuan.

Reported net income decreased 90.3% from the prior-year period to 1.2 million yuan, or 0 fen per share, from 12.2 million yuan, or 1 fen per share.

As of July 28, US$1 was equivalent to 6.21 yuan.