Guangzhou Grandbuy Co. Ltd. said its second-quarter normalized net income came to 10 fen per share, a decrease of 42.8% from 17 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 34.6 million yuan, a decline of 42.7% from 60.4 million yuan in the prior-year period.

The normalized profit margin fell to 2.0% from 3.3% in the year-earlier period.

Total revenue declined year over year to 1.75 billion yuan from 1.83 billion yuan, and total operating expenses decreased year over year to 1.70 billion yuan from 1.77 billion yuan.

Reported net income declined 19.7% from the prior-year period to 41.9 million yuan, or 12 fen per share, from 52.1 million yuan, or 15 fen per share.

As of Aug. 19, US$1 was equivalent to 6.65 yuan.