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Renrenle Commercial Q2 profit climbs 16.8% YOY

Renrenle Commercial Group Co. Ltd. said its normalized net income for the second quarter was 4.5 million yuan, a gain of 16.8% from 3.9 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.3% from 0.1% in the year-earlier period.

Total revenue declined 6.0% on an annual basis to 2.69 billion yuan from 2.87 billion yuan, and total operating expenses fell 5.8% on an annual basis to 2.69 billion yuan from 2.86 billion yuan.

Reported net income came to 1.3 million yuan, or 0 fen per share, compared to a loss of 12.2 million yuan, or a loss of 3 fen per share, in the year-earlier period.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.