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Yantai Tayho Advanced Materials Q2 profit falls YOY

Yantai Tayho Advanced Materials Co.Ltd said its normalized net income for the second quarter was 4 fen per share, a decrease of 14.9% from 5 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 22.5 million yuan, a decline of 18.3% from 27.5 million yuan in the year-earlier period.

The normalized profit margin dropped to 5.6% from 6.3% in the year-earlier period.

Total revenue declined on an annual basis to 428.5 million yuan from 438.3 million yuan, and total operating expenses came to 389.1 million yuan, compared with 389.0 million yuan in the year-earlier period.

Reported net income fell 15.5% on an annual basis to 33.6 million yuan, or 6 fen per share, from 39.7 million yuan, or 7 fen per share.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.