Xingye Leather Technology Co. Ltd. said its normalized net income for the second quarter amounted to 2 fen per share, a decline of 39.7% from 4 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 5.6 million yuan, a decrease of 39.8% from 9.4 million yuan in the year-earlier period.

The normalized profit margin fell to 1.1% from 1.5% in the year-earlier period.

Total revenue decreased year over year to 600.7 million yuan from 616.6 million yuan, and total operating expenses fell on an annual basis to 585.9 million yuan from 604.6 million yuan.

Reported net income declined 19.8% from the prior-year period to 8.8 million yuan, or 4 fen per share, from 11.0 million yuan, or 5 fen per share.

As of July 25, US$1 was equivalent to 6.68 yuan.