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Beijing Yanjing Brewery Q2 profit falls YOY

Beijing Yanjing Brewery Co.Ltd. said its second-quarter normalized net income amounted to 11 fen per share, a decrease of 22.4% from 14 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 303.2 million yuan, a decrease of 21.7% from 387.1 million yuan in the year-earlier period.

The normalized profit margin increased to 10.1% from 9.9% in the year-earlier period.

Total revenue declined 18.1% on an annual basis to 3.19 billion yuan from 3.89 billion yuan, and total operating expenses declined 18.0% on an annual basis to 2.66 billion yuan from 3.25 billion yuan.

Reported net income declined 25.7% on an annual basis to 404.7 million yuan, or 14 fen per share, from 544.8 million yuan, or 19 fen per share.

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