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Guangdong Songfa Q2 profit falls YOY

Guangdong Songfa Ceramics Co. Ltd. said its normalized net income for the second quarter amounted to 5 fen per share, a decrease of 48.0% from 10 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.5 million yuan, a decrease of 33.0% from 6.6 million yuan in the year-earlier period.

The normalized profit margin declined to 6.3% from 9.7% in the year-earlier period.

Total revenue totaled 68.7 million yuan, compared with 68.4 million yuan in the year-earlier period, and total operating expenses grew 5.7% from the prior-year period to 61.3 million yuan from 58.0 million yuan.

Reported net income declined 18.8% year over year to 7.1 million yuan, or 8 fen per share, from 8.7 million yuan, or 13 fen per share.

As of Aug. 18, US$1 was equivalent to 6.39 yuan.