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Sunvim Group Q2 profit climbs 15.5% YOY

Sunvim Group Co. Ltd. said its normalized net income for the second quarter came to 8 fen per share, a gain of 11.8% from 7 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 73.8 million yuan, a gain of 15.5% from 63.9 million yuan in the year-earlier period.

The normalized profit margin climbed to 6.4% from 4.7% in the year-earlier period.

Total revenue declined 22.0% year over year to 1.06 billion yuan from 1.36 billion yuan, and total operating expenses decreased 24.9% year over year to 924.0 million yuan from 1.23 billion yuan.

Reported net income increased 16.1% year over year to 83.1 million yuan, or 9 fen per share, from 71.5 million yuan, or 8 fen per share.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.