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Zhejiang Weixing Industrial Development Q2 profit climbs 12.5% YOY

Zhejiang Weixing Industrial Development Co. Ltd. said its normalized net income for the second quarter was 15 fen per share, a decline of 16.3% from 17 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 87.0 million yuan, an increase of 12.5% from 77.4 million yuan in the prior-year period.

The normalized profit margin dropped to 13.3% from 13.9% in the year-earlier period.

Total revenue increased 17.4% year over year to 652.3 million yuan from 555.6 million yuan, and total operating expenses increased 18.9% on an annual basis to 511.1 million yuan from 429.8 million yuan.

Reported net income rose 11.9% on an annual basis to 107.2 million yuan, or 18 fen per share, from 95.8 million yuan, or 22 fen per share.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.