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Kangyue Technology Q2 profit falls YOY

Kangyue Technology Co. Ltd. said its second-quarter normalized net income came to 1 fen per share, a decline of 76.8% from 6 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 2.2 million yuan, a decline of 69.1% from 7.1 million yuan in the year-earlier period.

The normalized profit margin fell to 6.7% from 11.1% in the year-earlier period.

Total revenue decreased 19.2% on an annual basis to 51.5 million yuan from 63.7 million yuan, and total operating expenses declined 14.9% from the prior-year period to 44.2 million yuan from 51.9 million yuan.

Reported net income declined 45.9% from the prior-year period to 5.6 million yuan, or 3 fen per share, from 10.3 million yuan, or 8 fen per share.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.