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Guangdong Tonze Electric Q2 profit falls YOY

Guangdong Tonze Electric Co. Ltd. said its normalized net income for the second quarter amounted to 2 fen per share, a decrease of 39.5% 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 decline of 21.0% from 7.1 million yuan in the year-earlier period.

The normalized profit margin fell to 6.5% from 8.0% in the year-earlier period.

Total revenue rose 8.4% on an annual basis to 95.5 million yuan from 88.1 million yuan, and total operating expenses grew 11.9% on an annual basis to 86.0 million yuan from 76.8 million yuan.

Reported net income declined on an annual basis to 9.7 million yuan, or 4 fen per share, from 10.0 million yuan, or 5 fen per share.

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