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Hainan HNA Infrastructure Investment Q3 profit falls YOY

Hainan HNA Infrastructure Investment Group Co. Ltd. said its normalized net income for the third quarter was 3 fen per share, a decline of 43.2% 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 69.8 million yuan, a decrease of 41.6% from 119.4 million yuan in the year-earlier period.

The normalized profit margin declined to 2.6% from 5.6% in the year-earlier period.

Total revenue increased 19.4% on an annual basis to 2.54 billion yuan from 2.12 billion yuan, and total operating expenses rose 36.5% year over year to 2.28 billion yuan from 1.67 billion yuan.

Reported net income increased 28.6% year over year to 133.6 million yuan, or 5 fen per share, from 103.9 million yuan, or 4 fen per share.

As of Oct. 24, US$1 was equivalent to 6.77 yuan.