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China Automotive Engineering Research Q2 profit falls YOY

China Automotive Engineering Research Institute Co. Ltd. said its second-quarter normalized net income amounted to 3 fen per share, a decline of 44.1% from 5 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 26.7 million yuan, a decrease of 40.3% from 44.7 million yuan in the prior-year period.

The normalized profit margin fell to 8.3% from 10.8% in the year-earlier period.

Total revenue declined 18.7% on an annual basis to 336.9 million yuan from 414.4 million yuan, and total operating expenses fell 13.4% year over year to 304.1 million yuan from 351.1 million yuan.

Reported net income declined 53.7% from the prior-year period to 37.4 million yuan, or 4 fen per share, from 80.8 million yuan, or 9 fen per share.

As of Aug. 5, US$1 was equivalent to 6.21 yuan.