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Whirlpool China Q3 profit falls YOY

Whirlpool China Co. Ltd. said its third-quarter normalized net income was 3 fen per share, a decline of 79.8% from 14 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 21.4 million yuan, a decline of 79.9% from 106.2 million yuan in the prior-year period.

The normalized profit margin dropped to 2.7% from 7.1% in the year-earlier period.

Total revenue declined 7.2% on an annual basis to 1.40 billion yuan from 1.51 billion yuan, and total operating expenses decreased on an annual basis to 1.37 billion yuan from 1.40 billion yuan.

Reported net income decreased 52.8% on an annual basis to 69.0 million yuan, or 9 fen per share, from 146.1 million yuan, or 19 fen per share.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.