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Loncin Motor Q2 profit climbs 12.4% YOY

Loncin Motor Co. Ltd. said its normalized net income for the second quarter was 7 fen per share, an increase of 8.6% from 7 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 152.2 million yuan, an increase of 12.4% from 135.4 million yuan in the prior-year period.

The normalized profit margin rose to 8.3% from 7.9% in the year-earlier period.

Total revenue grew 16.9% on an annual basis to 2.01 billion yuan from 1.72 billion yuan, and total operating expenses climbed 15.7% year over year to 1.77 billion yuan from 1.53 billion yuan.

Reported net income rose 20.7% on an annual basis to 230.6 million yuan, or 11 fen per share, from 191.0 million yuan, or 9 fen per share.

As of Aug. 15, US$1 was equivalent to 6.64 yuan.