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Xuchang Yuandong Drive Shaft Q2 profit falls YOY

Xuchang Yuandong Drive Shaft Co. Ltd. said its normalized net income for the second quarter amounted to 4 fen per share, a decline of 21.3% from 5 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 25.1 million yuan, a decline of 15.3% from 29.6 million yuan in the year-earlier period.

The normalized profit margin climbed to 10.2% from 8.8% in the year-earlier period.

Total revenue fell 28.8% on an annual basis to 240.7 million yuan from 338.1 million yuan, and total operating expenses declined 33.0% on an annual basis to 200.1 million yuan from 298.6 million yuan.

Reported net income declined 14.1% year over year to 35.4 million yuan, or 6 fen per share, from 41.3 million yuan, or 7 fen per share.

As of Aug. 18, US$1 was equivalent to 6.39 yuan.