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Hunan Friendship & Apollo Commercial Q2 profit falls YOY

Hunan Friendship&Apollo Commercial Co. Ltd. said its normalized net income for the second quarter came to 6 fen per share, a decline of 12.5% 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 73.2 million yuan, a decline of 12.4% from 83.6 million yuan in the prior-year period.

The normalized profit margin declined to 5.1% from 6.4% in the year-earlier period.

Total revenue rose 8.3% year over year to 1.41 billion yuan from 1.30 billion yuan, and total operating expenses grew 11.9% on an annual basis to 1.33 billion yuan from 1.19 billion yuan.

Reported net income decreased 20.3% on an annual basis to 80.7 million yuan, or 7 fen per share, from 101.2 million yuan, or 9 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.