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Tibet Galaxy Science & Technology Q2 profit falls YOY

Tibet Galaxy Science & Technology Development Co. Ltd. said its normalized net income for the second quarter was 1 fen per share, a decline of 15.4% from 1 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 2.9 million yuan, a decrease of 15.5% from 3.4 million yuan in the prior-year period.

The normalized profit margin declined to 3.0% from 3.6% in the year-earlier period.

Total revenue came to 94.8 million yuan, compared with 94.2 million yuan in the prior-year period, and total operating expenses declined year over year to 73.7 million yuan from 74.6 million yuan.

Reported net income rose 35.7% from the prior-year period to 5.0 million yuan, or 2 fen per share, from 3.7 million yuan, or 1 fen per share.

As of Aug. 7, US$1 was equivalent to 6.21 yuan.