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Shenzhen China Bicycle Q2 profit falls YOY

Shenzhen China Bicycle Co. (Holdings) Ltd. said its second-quarter normalized net income came to 126,150 yuan, a decline of 89.2% from 1.2 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 0.2% from 2.0% in the year-earlier period.

Total revenue declined 8.4% on an annual basis to 54.2 million yuan from 59.2 million yuan, and total operating expenses decreased 9.5% from the prior-year period to 54.0 million yuan from 59.6 million yuan.

Reported net income declined 90.5% year over year to 143,840 yuan, or 0 fen per share, from 1.5 million yuan, or 0 fen per share.

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