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Shanghai Electric Q3 profit climbs 106.3% YOY

Shanghai Electric Group Co. Ltd. said its normalized net income for the third quarter was 4 fen per share, a gain of 106.2% from 2 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 522.1 million yuan, a gain of 106.3% from 253.1 million yuan in the prior-year period.

The normalized profit margin rose to 2.9% from 1.4% in the year-earlier period.

Total revenue decreased on an annual basis to 17.69 billion yuan from 18.38 billion yuan, and total operating expenses decreased 6.5% year over year to 16.53 billion yuan from 17.67 billion yuan.

Reported net income grew 12.8% from the prior-year period to 555.9 million yuan, or 4 fen per share, from 492.9 million yuan, or 4 fen per share.

As of Oct. 30, US$1 was equivalent to 6.32 yuan.