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China Golden Classic Q2 profit falls YOY

China Golden Classic Group Ltd. said its normalized net income for the second quarter amounted to 1.4 million yuan, a fall of 55.3% from 3.0 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 1.6% from 6.1% in the year-earlier period.

Total revenue rose 20.9% year over year to 60.3 million yuan from 49.9 million yuan, and total operating expenses rose 30.8% on an annual basis to 58.5 million yuan from 44.8 million yuan.

Reported net income came to a loss of 1.3 million yuan, or a loss of 0 fen per share, compared to income of 1.5 million yuan, or 0 fen per share, in the prior-year period.

As of Aug. 12, US$1 was equivalent to 6.63 yuan.