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Fangda Special Steel Technology Q2 profit falls YOY

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Fangda Special Steel Technology Q2 profit falls YOY

Fangda Special Steel Technology Co. Ltd. said its second-quarter normalized net income amounted to 5 fen per share, a decline of 38.6% from 9 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 73.6 million yuan, a decrease of 41.2% from 125.0 million yuan in the year-earlier period.

The normalized profit margin declined to 3.4% from 4.2% in the year-earlier period.

Total revenue decreased 25.5% year over year to 2.23 billion yuan from 2.99 billion yuan, and total operating expenses fell 24.1% on an annual basis to 2.05 billion yuan from 2.70 billion yuan.

Reported net income declined 43.0% year over year to 79.1 million yuan, or 6 fen per share, from 138.7 million yuan, or 10 fen per share.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.