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Yantai Shuangta Food Q2 profit climbs 93.4% YOY

Yantai Shuangta Food Co.Ltd. said its normalized net income for the second quarter was 3 fen per share, an increase of 33.8% from 3 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 45.1 million yuan, an increase of 93.4% from 23.3 million yuan in the prior-year period.

The normalized profit margin rose to 15.4% from 6.9% in the year-earlier period.

Total revenue fell 13.0% year over year to 294.9 million yuan from 339.1 million yuan, and total operating expenses declined 24.3% year over year to 226.5 million yuan from 299.2 million yuan.

Reported net income rose 92.8% on an annual basis to 62.0 million yuan, or 5 fen per share, from 32.2 million yuan, or 4 fen per share.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.