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Jiangnan Mould & Plastic Technology Q2 profit falls YOY

Jiangnan Mould & Plastic Technology Co. Ltd. said its normalized net income for the second quarter came to 6 fen per share, a decline of 61.7% from 15 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 40.8 million yuan, a decrease of 61.7% from 106.8 million yuan in the prior-year period.

The normalized profit margin dropped to 5.3% from 13.7% in the year-earlier period.

Total revenue declined 16.9% year over year to 648.7 million yuan from 780.7 million yuan, and total operating expenses decreased 10.9% on an annual basis to 623.8 million yuan from 700.1 million yuan.

Reported net income fell 68.0% from the prior-year period to 44.5 million yuan, or 6 fen per share, from 139.0 million yuan, or 19 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.