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Fujian Funeng Q2 profit climbs YOY

Fujian Funeng Co. Ltd said its second-quarter normalized net income amounted to 14 fen per share, a decline of 21.1% from 18 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 212.4 million yuan, an increase from 205.6 million yuan in the year-earlier period.

The normalized profit margin rose to 13.4% from 11.3% in the year-earlier period.

Total revenue fell 12.2% year over year to 1.60 billion yuan from 1.82 billion yuan, and total operating expenses declined 14.7% year over year to 1.19 billion yuan from 1.39 billion yuan.

Reported net income grew year over year to 273.3 million yuan, or 18 fen per share, from 267.3 million yuan, or 23 fen per share.

As of Aug. 18, US$1 was equivalent to 6.63 yuan.