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Lanzhou Huanghe Enterprise Q2 profit climbs YOY

Lanzhou Huanghe Enterprise Co. Ltd. said its second-quarter normalized net income amounted to 53 fen per share, an increase from 4 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 98.6 million yuan, an increase from 7.6 million yuan in the prior-year period.

The normalized profit margin increased to 49.9% from 3.1% in the year-earlier period.

Total revenue fell 18.7% on an annual basis to 197.1 million yuan from 242.4 million yuan, and total operating expenses decreased 13.5% on an annual basis to 189.9 million yuan from 219.4 million yuan.

Reported net income rose from the prior-year period to 99.0 million yuan, or 53 fen per share, from 12.0 million yuan, or 6 fen per share.

As of July 24, US$1 was equivalent to 6.21 yuan.