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Zhejiang Wanfeng Auto Wheel Q2 profit climbs 54.6% YOY

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Zhejiang Wanfeng Auto Wheel Q2 profit climbs 54.6% YOY

Zhejiang Wanfeng Auto Wheel Co., Ltd. said its second-quarter normalized net income was 10 fen per share, an increase of 54.8% from 7 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 225.8 million yuan, an increase of 54.6% from 146.1 million yuan in the prior-year period.

The normalized profit margin increased to 9.5% from 6.7% in the year-earlier period.

Total revenue grew 12.1% year over year to 2.43 billion yuan from 2.16 billion yuan, and total operating expenses rose 5.6% year over year to 2.00 billion yuan from 1.89 billion yuan.

Reported net income grew 40.6% on an annual basis to 311.4 million yuan, or 14 fen per share, from 221.4 million yuan, or 10 fen per share.

As of Aug. 11, US$1 was equivalent to 6.64 yuan.