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Jiangsu Lugang Culture Q3 profit climbs 49.4% YOY

Jiangsu Lugang Culture Co. Ltd. said its third-quarter normalized net income was 3 fen per share, a gain of 16.2% 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 29.3 million yuan, an increase of 49.4% from 19.6 million yuan in the prior-year period.

The normalized profit margin increased to 3.4% from 3.1% in the year-earlier period.

Total revenue increased 43.2% on an annual basis to 919.2 million yuan from 641.7 million yuan, and total operating expenses climbed 46.2% year over year to 859.9 million yuan from 588.0 million yuan.

Reported net income increased 37.8% year over year to 32.1 million yuan, or 3 fen per share, from 23.3 million yuan, or 3 fen per share.

As of Oct. 24, US$1 was equivalent to 6.77 yuan.