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China MeiDong Auto H2 profit climbs 52.5% YOY

China MeiDong Auto Holdings Ltd said its second-half normalized net income amounted to 4 fen per share, an increase of 39.0% from 3 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 46.8 million yuan, a gain of 52.5% from 30.7 million yuan in the prior-year period.

Total revenue grew 30.2% on an annual basis to 2.68 billion yuan from 2.06 billion yuan, and total operating expenses rose 30.5% on an annual basis to 2.59 billion yuan from 1.98 billion yuan.

Reported net income grew 40.2% on an annual basis to 51.0 million yuan, or 5 fen per share, from 36.4 million yuan, or 4 fen per share.

For the year, the company's normalized net income totaled 9 fen per share, a decline from 9 fen per share in the prior year.

Normalized net income was 94.2 million yuan, compared with 93.5 million yuan in the prior year.

Full-year total revenue rose 24.7% on an annual basis to 4.81 billion yuan from 3.85 billion yuan, and total operating expenses grew 26.1% year over year to 4.62 billion yuan from 3.66 billion yuan.

The company said reported net income decreased 7.7% on an annual basis to 102.2 million yuan, or 10 fen per share, in the full year, from 110.7 million yuan, or 11 fen per share.

As of April 12, US$1 was equivalent to 6.47 yuan.