Shanghai Dragon Corp. said its normalized net income for the second quarter amounted to 2 fen per share, a decline of 50.2% from 4 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 8.2 million yuan, a decrease of 54.0% from 17.8 million yuan in the prior-year period.

The normalized profit margin climbed to 1.8% from 1.8% in the year-earlier period.

Total revenue climbed 6.3% on an annual basis to 1.08 billion yuan from 1.01 billion yuan, and total operating expenses climbed 7.4% from the prior-year period to 1.06 billion yuan from 988.4 million yuan.

Reported net income grew 31.3% from the prior-year period to 27.9 million yuan, or 7 fen per share, from 21.2 million yuan, or 5 fen per share.

As of Aug. 31, US$1 was equivalent to 6.68 yuan.