Laobaixing Pharmacy Chain Joint Stock Company said its normalized net income for the second quarter was 15 fen per share, a decrease of 12.3% from 17 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 37.3 million yuan, an increase of 5.9% from 35.3 million yuan in the year-earlier period.

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

Total revenue grew 12.4% on an annual basis to 1.04 billion yuan from 925.4 million yuan, and total operating expenses climbed 12.7% on an annual basis to 959.0 million yuan from 851.1 million yuan.

Reported net income grew 11.2% from the prior-year period to 54.7 million yuan, or 22 fen per share, from 49.2 million yuan, or 24 fen per share.

As of Aug. 10, US$1 was equivalent to 6.21 yuan.