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Zhejiang Tiancheng Q2 profit falls YOY

Zhejiang Tiancheng Controls Co. Ltd. said its normalized net income for the second quarter amounted to 3 fen per share, a decrease of 33.6% from 5 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 7.4 million yuan, a decline of 5.4% from 7.8 million yuan in the prior-year period.

The normalized profit margin declined to 7.7% from 8.6% in the year-earlier period.

Total revenue grew 7.6% on an annual basis to 97.9 million yuan from 91.0 million yuan, and total operating expenses increased 9.2% from the prior-year period to 87.0 million yuan from 79.7 million yuan.

Reported net income came to 10.6 million yuan, or 5 fen per share, compared to 10.6 million yuan, or 7 fen per share, in the year-earlier period.

As of Aug. 22, US$1 was equivalent to 6.64 yuan.