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Guirenniao Q2 profit falls YOY

Guirenniao Co. Ltd. said its second-quarter normalized net income came to 8 fen per share, a decrease of 37.6% from 12 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 47.4 million yuan, a decline of 34.3% from 72.2 million yuan in the prior-year period.

The normalized profit margin fell to 12.1% from 16.3% in the year-earlier period.

Total revenue climbed 11.8% on an annual basis to 494.3 million yuan from 442.1 million yuan, and total operating expenses rose 21.5% on an annual basis to 398.2 million yuan from 327.7 million yuan.

Reported net income rose 11.3% year over year to 97.7 million yuan, or 16 fen per share, from 87.8 million yuan, or 15 fen per share.

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