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Jiangsu Pacific Precision Forging Q2 profit falls YOY

Jiangsu Pacific Precision Forging Co., Ltd. said its normalized net income for the second quarter was 6 fen per share, a decrease of 5.2% from 6 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 23.9 million yuan, a decrease of 5.3% from 25.3 million yuan in the prior-year period.

The normalized profit margin fell to 15.9% from 16.6% in the year-earlier period.

Total revenue grew 17.8% on an annual basis to 179.4 million yuan from 152.2 million yuan, and total operating expenses climbed 19.2% on an annual basis to 137.9 million yuan from 115.7 million yuan.

Reported net income rose 9.6% from the prior-year period to 36.5 million yuan, or 9 fen per share, from 33.4 million yuan, or 8 fen per share.

As of Aug. 5, US$1 was equivalent to 6.21 yuan.