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China XD Plastics Q2 profit climbs 21.0% YOY

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China XD Plastics Q2 profit climbs 21.0% YOY

China XD Plastics Co. said its normalized net income for the second quarter amounted to 38 cents per share, an increase of 20.1% from 32 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $18.7 million, a gain of 21.0% from $15.4 million in the year-earlier period.

The normalized profit margin rose to 7.0% from 5.8% in the year-earlier period.

Total revenue totaled $265.4 million, compared with $264.2 million in the year-earlier period, and total operating expenses decreased year over year to $227.6 million from $230.0 million.

Reported net income increased 28.3% from the prior-year period to $19.0 million, or 39 cents per share, from $14.8 million, or 30 cents per share.