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Joyoung Q2 profit falls YOY

Joyoung Co. Ltd. said its normalized net income for the second quarter amounted to 17 fen per share, a decline of 10.6% from 19 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 131.2 million yuan, a decrease of 5.4% from 138.7 million yuan in the prior-year period.

The normalized profit margin climbed to 8.1% from 7.9% in the year-earlier period.

Total revenue decreased on an annual basis to 1.67 billion yuan from 1.75 billion yuan, and total operating expenses fell 5.0% from the prior-year period to 1.45 billion yuan from 1.52 billion yuan.

Reported net income rose 15.5% from the prior-year period to 231.3 million yuan, or 30 fen per share, from 200.2 million yuan, or 28 fen per share.

As of Aug. 18, US$1 was equivalent to 6.63 yuan.