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Shanghai Worth Garden Products Q2 profit falls YOY

Shanghai Worth Garden Products Co. Ltd. said its normalized net income for the second quarter was 6 fen per share, a decline of 20.0% from 7 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 2.6 million yuan, a decrease of 16.5% from 3.2 million yuan in the prior-year period.

The normalized profit margin rose to 3.9% from 3.4% in the year-earlier period.

Total revenue declined 18.2% on an annual basis to 75.7 million yuan from 92.5 million yuan, and total operating expenses declined 20.1% on an annual basis to 70.4 million yuan from 88.1 million yuan.

Reported net income rose 35.9% from the prior-year period to 3.0 million yuan, or 6 fen per share, from 2.2 million yuan, or 5 fen per share.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.