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Jiangsu Hongtu High Technology Q2 profit falls YOY

Jiangsu Hongtu High Technology Co. Ltd. said its second-quarter normalized net income came to 6 fen per share, a decline of 30.6% from 8 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 64.4 million yuan, a decrease of 30.9% from 93.3 million yuan in the prior-year period.

The normalized profit margin dropped to 1.7% from 2.5% in the year-earlier period.

Total revenue increased 5.7% on an annual basis to 3.96 billion yuan from 3.75 billion yuan, and total operating expenses climbed 5.9% from the prior-year period to 3.86 billion yuan from 3.65 billion yuan.

Reported net income decreased 27.7% year over year to 87.0 million yuan, or 8 fen per share, from 120.2 million yuan, or 10 fen per share.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.