Shanghai Jahwa United Co. Ltd. said its second-quarter normalized net income was 26 fen per share, compared with the S&P Capital IQ consensus estimate of 19 fen per share.

EPS decreased 49.3% year over year from 51 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 175.2 million yuan, a decline of 47.3% from 332.2 million yuan in the year-earlier period.

The normalized profit margin dropped to 11.7% from 20.5% in the year-earlier period.

Total revenue fell 5.9% year over year to 1.52 billion yuan from 1.62 billion yuan, and total operating expenses climbed 10.3% from the prior-year period to 1.29 billion yuan from 1.17 billion yuan.

Reported net income decreased 45.7% from the prior-year period to 244.9 million yuan, or 36 fen per share, from 451.0 million yuan, or 69 fen per share.

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