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Xingye Leather Q2 profit falls YOY

Xingye Leather Technology Co. Ltd. said its normalized net income for the second quarter amounted to 1 fen per share, a decrease of 86.3% from 9 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 3.1 million yuan, a decline of 86.4% from 22.4 million yuan in the prior-year period.

The normalized profit margin declined to 1.5% from 4.4% in the year-earlier period.

Total revenue increased 21.8% on an annual basis to 616.6 million yuan from 506.4 million yuan, and total operating expenses rose 28.4% year over year to 604.6 million yuan from 471.0 million yuan.

Reported net income fell 64.8% on an annual basis to 11.0 million yuan, or 5 fen per share, from 31.3 million yuan, or 13 fen per share.

As of July 20, US$1 was equivalent to 6.21 yuan.