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Giant Network Group Q2 profit falls YOY

Giant Network Group Co. Ltd. said its second-quarter normalized net income amounted to 10 fen per share, a decrease of 19.2% from 13 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 215.8 million yuan, a decline of 8.6% from 236.1 million yuan in the prior-year period.

The normalized profit margin fell to 33.0% from 38.9% in the year-earlier period.

Total revenue grew 7.9% year over year to 654.7 million yuan from 606.8 million yuan, and total operating expenses declined on an annual basis to 287.9 million yuan from 297.2 million yuan.

Reported net income increased from the prior-year period to 358.3 million yuan, or 17 fen per share, from 351.3 million yuan, or 19 fen per share.

As of Aug. 24, US$1 was equivalent to 6.66 yuan.