Minsheng Holdings Co. Ltd. said its second-quarter normalized net income was 3 fen per share, a decline of 15.0% 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 15.2 million yuan, a decrease of 14.4% from 17.8 million yuan in the prior-year period.

The normalized profit margin increased to 47.5% from 16.2% in the year-earlier period.

Total revenue declined 51.7% on an annual basis to 53.0 million yuan from 109.7 million yuan, and total operating expenses decreased 51.1% from the prior-year period to 53.1 million yuan from 108.6 million yuan.

Reported net income rose 97.8% from the prior-year period to 13.7 million yuan, or 3 fen per share, from 6.9 million yuan, or 1 fen per share.

As of July 27, US$1 was equivalent to 6.21 yuan.