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Guangdong Homa Appliances Q2 profit climbs 19.2% YOY

Guangdong Homa Appliances Co. Ltd. said its second-quarter normalized net income was 17 fen per share, a gain of 18.7% from 14 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 77.7 million yuan, a gain of 19.2% from 65.2 million yuan in the year-earlier period.

The normalized profit margin climbed to 5.6% from 3.7% in the year-earlier period.

Total revenue decreased 20.2% year over year to 1.40 billion yuan from 1.76 billion yuan, and total operating expenses declined 25.0% from the prior-year period to 1.26 billion yuan from 1.68 billion yuan.

Reported net income grew 25.7% from the prior-year period to 129.1 million yuan, or 28 fen per share, from 102.7 million yuan, or 22 fen per share.

As of Aug. 19, US$1 was equivalent to 6.65 yuan.