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Chengdu Hongqi Chain Q2 profit climbs 10.1% YOY

Chengdu Hongqi Chain Co. Ltd. said its second-quarter normalized net income amounted to 4 fen per share, a gain of 25.1% from 3 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 50.4 million yuan, an increase of 10.1% from 45.8 million yuan in the year-earlier period.

The normalized profit margin climbed to 3.9% from 3.9% in the year-earlier period.

Total revenue increased 13.5% on an annual basis to 1.32 billion yuan from 1.17 billion yuan, and total operating expenses increased 12.3% year over year to 1.26 billion yuan from 1.12 billion yuan.

Reported net income increased 14.8% from the prior-year period to 69.7 million yuan, or 5 fen per share, from 60.8 million yuan, or 4 fen per share.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.