Qiaqia Food Co. Ltd. said its normalized net income for the second quarter was 12 fen per share, a decrease of 11.4% from 14 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 61.6 million yuan, a decrease of 13.3% from 71.0 million yuan in the year-earlier period.

The normalized profit margin dropped to 8.8% from 9.6% in the year-earlier period.

Total revenue grew 7.0% year over year to 795.0 million yuan from 742.9 million yuan, and total operating expenses increased 7.2% from the prior-year period to 706.5 million yuan from 659.0 million yuan.

Reported net income increased on an annual basis to 79.8 million yuan, or 16 fen per share, from 76.7 million yuan, or 15 fen per share.

As of July 29, US$1 was equivalent to 6.63 yuan.