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Jiangsu Holly Q2 profit falls YOY

Jiangsu Holly Corp. said its normalized net income for the second quarter came to 3 fen per share, a decline of 22.4% from 4 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 6.7 million yuan, a decrease of 22.4% from 8.6 million yuan in the prior-year period.

The normalized profit margin rose to 1.3% from 0.9% in the year-earlier period.

Total revenue declined 42.7% year over year to 581.2 million yuan from 1.01 billion yuan, and total operating expenses declined 43.5% from the prior-year period to 578.6 million yuan from 1.02 billion yuan.

Reported net income rose from the prior-year period to 17.4 million yuan, or 7 fen per share, from 16.8 million yuan, or 7 fen per share.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.