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Lonkey Industrial Q2 profit falls YOY

Lonkey Industrial Co.Ltd. Guangzhou said its normalized net income for the second quarter was 4.3 million yuan, a decline of 38.6% from 7.0 million yuan in the year-earlier period.

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

The normalized profit margin dropped to 0.2% from 0.4% in the year-earlier period.

Total revenue increased 46.7% year over year to 2.74 billion yuan from 1.87 billion yuan, and total operating expenses rose 47.8% on an annual basis to 2.73 billion yuan from 1.85 billion yuan.

Reported net income decreased 18.4% from the prior-year period to 7.2 million yuan, or 1 fen per share, from 8.8 million yuan, or 2 fen per share.

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