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Anhui Huamao Textile Q2 profit climbs YOY

Anhui Huamao Textile Co. Ltd. said its normalized net income for the second quarter amounted to 40.8 million yuan, an increase from 7.4 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 9.1% from 1.4% in the year-earlier period.

Total revenue fell 8.5% on an annual basis to 475.0 million yuan from 519.2 million yuan, and total operating expenses decreased 8.0% year over year to 483.8 million yuan from 526.0 million yuan.

Reported net income grew from the prior-year period to 54.3 million yuan, or 6 fen per share, from 9.7 million yuan, or 1 fen per share.

As of July 29, US$1 was equivalent to 6.21 yuan.