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GD Power Development Q3 profit falls YOY

GD Power Development Co. Ltd. said its third-quarter normalized net income came to 2 fen per share, a decline of 54.0% from 4 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 419.2 million yuan, a decline of 53.4% from 899.0 million yuan in the year-earlier period.

The normalized profit margin dropped to 2.7% from 6.2% in the year-earlier period.

Total revenue increased 7.7% on an annual basis to 15.54 billion yuan from 14.42 billion yuan, and total operating expenses increased 21.3% year over year to 13.39 billion yuan from 11.04 billion yuan.

Reported net income declined 39.9% year over year to 658.7 million yuan, or 3 fen per share, from 1.10 billion yuan, or 5 fen per share.

As of Oct. 30, US$1 was equivalent to 6.65 yuan.