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Chongqing Landai Q2 profit climbs 7.0% YOY

Chongqing Landai Powertrain Corp. Ltd. said its normalized net income for the second quarter was 3 fen per share, a decrease of 21.7% from 4 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 12.0 million yuan, a gain of 7.0% from 11.2 million yuan in the prior-year period.

The normalized profit margin fell to 5.2% from 5.9% in the year-earlier period.

Total revenue increased 8.6% on an annual basis to 207.8 million yuan from 191.3 million yuan, and total operating expenses rose 5.0% year over year to 177.7 million yuan from 169.3 million yuan.

Reported net income rose 8.0% year over year to 17.4 million yuan, or 4 fen per share, from 16.1 million yuan, or 5 fen per share.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.