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GD Power Development Q2 profit falls YOY

GD Power Development Co. Ltd. said its second-quarter normalized net income came to 6 fen per share, a decrease of 7.2% from 6 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 1.13 billion yuan, a decline of 8.1% from 1.22 billion yuan in the prior-year period.

The normalized profit margin declined to 8.8% from 9.3% in the year-earlier period.

Total revenue increased year over year to 13.75 billion yuan from 13.14 billion yuan, and total operating expenses rose 7.1% year over year to 9.68 billion yuan from 9.04 billion yuan.

Reported net income rose 6.0% on an annual basis to 1.84 billion yuan, or 9 fen per share, from 1.73 billion yuan, or 9 fen per share.

As of Aug. 29, US$1 was equivalent to 6.68 yuan.