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Guangdong Qunxing Toys Joint-Stock Q2 profit falls YOY

Guangdong Qunxing Toys Joint-Stock Co. Ltd. said its normalized net income for the second quarter was 6.1 million yuan, a decrease of 16.6% from 7.4 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 6.2% from 5.4% in the year-earlier period.

Total revenue fell 26.0% year over year to 100.4 million yuan from 135.6 million yuan, and total operating expenses fell 24.6% on an annual basis to 94.1 million yuan from 124.8 million yuan.

Reported net income declined 9.5% on an annual basis to 8.6 million yuan, or 1 fen per share, from 9.5 million yuan, or 2 fen per share.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.