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Guangdong Songfa Q3 profit falls YOY

Guangdong Songfa Ceramics Co.Ltd. said its normalized net income for the third quarter was 8 fen per share, a decrease of 34.9% 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 6.8 million yuan, a decrease of 36.6% from 10.8 million yuan in the prior-year period.

The normalized profit margin declined to 10.0% from 14.1% in the year-earlier period.

Total revenue rose year over year to 77.7 million yuan from 76.5 million yuan, and total operating expenses climbed from the prior-year period to 67.0 million yuan from 65.5 million yuan.

Reported net income grew 16.8% on an annual basis to 10.4 million yuan, or 12 fen per share, from 8.9 million yuan, or 10 fen per share.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.