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Tsann Kuen (China) Enterprise Q2 profit falls YOY

Tsann Kuen (China) Enterprise Co. Ltd. said its normalized net income for the second quarter came to 2 fen per share, a decline of 76.0% from 7 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.1 million yuan, a decrease of 77.5% from 13.7 million yuan in the prior-year period.

The normalized profit margin dropped to 0.7% from 2.9% in the year-earlier period.

Total revenue fell 5.2% year over year to 441.7 million yuan from 466.0 million yuan, and total operating expenses fell from the prior-year period to 440.6 million yuan from 450.0 million yuan.

Reported net income decreased 24.4% on an annual basis to 7.1 million yuan, or 4 fen per share, from 9.4 million yuan, or 5 fen per share.

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