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Pingtan Marine Enterprise Q2 profit falls YOY

Pingtan Marine Enterprise Ltd. said its normalized net income for the second quarter amounted to $84,750, a fall of 99.1% from $9.3 million in the year-earlier period.

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

The normalized profit margin fell to 0.6% from 16.3% in the year-earlier period.

Total revenue declined 73.2% year over year to $15.3 million from $56.9 million, and total operating expenses decreased 64.0% from the prior-year period to $14.7 million from $40.8 million.

Reported net income came to a loss of $1.5 million, or a loss of 2 cents per share, compared to income of $14.8 million, or 19 cents per share, in the prior-year period.