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Chunghsin Technology Q2 profit falls YOY

Chunghsin Technology Group Co., Ltd said its second-quarter normalized net income was 1 fen per share, a decrease of 92.0% from 13 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 3.0 million yuan, a decrease of 89.3% from 28.3 million yuan in the year-earlier period.

The normalized profit margin declined to 0.4% from 2.7% in the year-earlier period.

Total revenue decreased 14.9% year over year to 892.5 million yuan from 1.05 billion yuan, and total operating expenses decreased 11.2% year over year to 884.0 million yuan from 995.2 million yuan.

Reported net income fell 80.5% on an annual basis to 7.5 million yuan, or 2 fen per share, from 38.3 million yuan, or 17 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.