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Changsha Tongcheng Q2 profit falls YOY

Changsha Tongcheng Holdings Co. Ltd. said its normalized net income for the second quarter amounted to 6 fen per share, a decrease of 9.0% from 7 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 32.8 million yuan, a decline of 8.9% from 36.0 million yuan in the prior-year period.

The normalized profit margin increased to 3.6% from 3.4% in the year-earlier period.

Total revenue fell 13.9% on an annual basis to 909.2 million yuan from 1.06 billion yuan, and total operating expenses declined 14.3% from the prior-year period to 869.4 million yuan from 1.02 billion yuan.

Reported net income fell 10.0% on an annual basis to 41.2 million yuan, or 8 fen per share, from 45.8 million yuan, or 8 fen per share.

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