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China Yangtze Power Q2 profit climbs 23.9% YOY

China Yangtze Power Co. Ltd. said its second-quarter normalized net income came to 16 fen per share, a gain of 24.1% from 13 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 2.72 billion yuan, a gain of 23.9% from 2.19 billion yuan in the year-earlier period.

The normalized profit margin declined to 26.7% from 35.8% in the year-earlier period.

Total revenue grew year over year to 6.21 billion yuan from 6.13 billion yuan, and total operating expenses decreased year over year to 2.49 billion yuan from 2.57 billion yuan.

Reported net income grew 20.2% on an annual basis to 3.31 billion yuan, or 20 fen per share, from 2.76 billion yuan, or 17 fen per share.

As of Aug. 28, US$1 was equivalent to 6.39 yuan.