Jinzi Ham Co.Ltd. said its normalized net income for the second quarter came to 2.4 million yuan, a decrease of 52.8% from 5.0 million yuan in the year-earlier period.

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

The normalized profit margin dropped to 10.0% from 15.8% in the year-earlier period.

Total revenue fell 16.9% on an annual basis to 26.4 million yuan from 31.8 million yuan, and total operating expenses declined 12.3% on an annual basis to 29.4 million yuan from 33.5 million yuan.

Reported net income declined 45.0% on an annual basis to 5.3 million yuan, or 0 fen per share, from 9.6 million yuan, or 1 fen per share.

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