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Orient International Enterprise Q2 profit falls YOY

Orient International Enterprise Ltd. said its normalized net income for the second quarter amounted to 6 fen per share, a decline of 25.5% 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 29.1 million yuan, a decline of 22.0% from 37.4 million yuan in the prior-year period.

The normalized profit margin fell to 0.9% from 1.2% in the year-earlier period.

Total revenue increased 13.3% year over year to 3.39 billion yuan from 3.00 billion yuan, and total operating expenses rose 12.8% from the prior-year period to 3.39 billion yuan from 3.01 billion yuan.

Reported net income declined 8.1% year over year to 37.0 million yuan, or 7 fen per share, from 40.2 million yuan, or 8 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.