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China Fordoo H1 profit falls YOY

China Fordoo Holdings Ltd said its normalized net income for the first half came to 12 fen per share, a decline of 53.3% from 26 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 57.1 million yuan, a decrease of 53.3% from 122.4 million yuan in the prior-year period.

Total revenue fell 23.9% year over year to 630.5 million yuan from 828.4 million yuan, and total operating expenses declined 14.7% year over year to 532.1 million yuan from 624.1 million yuan.

Reported net income fell 55.0% on an annual basis to 61.6 million yuan, or 13 fen per share, from 136.9 million yuan, or 29 fen per share.

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