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MeiHua Holdings Q2 profit climbs YOY

MeiHua Holdings Group Co. Ltd. said its second-quarter normalized net income amounted to 3 fen per share, a gain of 99.3% from 1 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 92.8 million yuan, a gain from 42.7 million yuan in the year-earlier period.

The normalized profit margin rose to 3.8% from 1.7% in the year-earlier period.

Total revenue grew 21.9% on an annual basis to 3.06 billion yuan from 2.51 billion yuan, and total operating expenses climbed 18.4% on an annual basis to 2.80 billion yuan from 2.36 billion yuan.

Reported net income rose on an annual basis to 156.7 million yuan, or 5 fen per share, from 57.3 million yuan, or 2 fen per share.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.