Tibet Galaxy Science & Technology Development Co. Ltd. said its normalized net income for the second quarter came to 21,450 yuan, a decline of 99.3% from 2.9 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to 0.0% from 3.0% in the year-earlier period.

Total revenue decreased 25.0% year over year to 71.0 million yuan from 94.8 million yuan, and total operating expenses decreased 13.4% from the prior-year period to 63.8 million yuan from 73.7 million yuan.

Reported net income came to a loss of 1.0 million yuan, or a loss of 0 fen per share, compared to income of 5.0 million yuan, or 2 fen per share, in the prior-year period.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.