Leo Group Co. Ltd. said its normalized net income for the second quarter came to 32.0 million yuan, a decline of 69.2% from 103.9 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 fell to 4.3% from 13.0% in the year-earlier period.

Total revenue increased 38.7% year over year to 1.11 billion yuan from 800.6 million yuan, and total operating expenses rose 37.1% year over year to 1.02 billion yuan from 743.7 million yuan.

Reported net income grew on an annual basis to 79.7 million yuan, or 2 fen per share, from 34.9 million yuan, or 1 fen per share.

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