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Zhejiang Meida Industrial Q2 profit climbs YOY

Zhejiang Meida Industrial Co. Ltd. said its second-quarter normalized net income came to 3 fen per share, a gain from 3 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 18.4 million yuan, an increase from 17.9 million yuan in the year-earlier period.

The normalized profit margin declined to 18.7% from 19.0% in the year-earlier period.

Total revenue grew 15.0% on an annual basis to 108.4 million yuan from 94.2 million yuan, and total operating expenses climbed 16.8% year over year to 87.2 million yuan from 74.7 million yuan.

Reported net income grew 12.9% from the prior-year period to 28.7 million yuan, or 5 fen per share, from 25.4 million yuan, or 4 fen per share.

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