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Xixia Automobile Water Pump Q2 profit falls YOY

Henan Province Xixia Automobile Water Pump Co. Ltd. said its second-quarter normalized net income was 3 fen per share, a decline from 3 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 9.7 million yuan, a decline from 9.9 million yuan in the prior-year period.

The normalized profit margin dropped to 2.3% from 2.4% in the year-earlier period.

Total revenue grew 16.6% on an annual basis to 484.5 million yuan from 415.4 million yuan, and total operating expenses rose 16.5% year over year to 460.5 million yuan from 395.2 million yuan.

Reported net income increased 21.7% year over year to 16.8 million yuan, or 6 fen per share, from 13.8 million yuan, or 5 fen per share.

As of Aug. 10, US$1 was equivalent to 6.21 yuan.