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Hefei Meiling Q2 profit falls YOY

Changhong Meiling Co. Co. Ltd. said its second-quarter normalized net income was 3 fen per share, a decrease of 58.4% from 8 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 25.7 million yuan, a decrease of 58.4% from 61.7 million yuan in the prior-year period.

The normalized profit margin fell to 0.8% from 1.6% in the year-earlier period.

Total revenue increased year over year to 3.94 billion yuan from 3.82 billion yuan, and total operating expenses grew 5.1% on an annual basis to 3.94 billion yuan from 3.75 billion yuan.

Reported net income fell 46.0% from the prior-year period to 56.3 million yuan, or 7 fen per share, from 104.2 million yuan, or 14 fen per share.

As of July 28, US$1 was equivalent to 6.66 yuan.