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Ningbo Zhoushan Port Q2 profit falls YOY

Ningbo Zhoushan Port Co. Ltd. said its normalized net income for the second quarter was 3 fen per share, a decline of 28.4% 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 414.9 million yuan, a decrease of 31.1% from 602.4 million yuan in the prior-year period.

The normalized profit margin declined to 11.7% from 13.6% in the year-earlier period.

Total revenue declined 17.7% on an annual basis to 3.66 billion yuan from 4.44 billion yuan, and total operating expenses fell 13.0% from the prior-year period to 3.05 billion yuan from 3.51 billion yuan.

Reported net income decreased 33.7% year over year to 523.8 million yuan, or 4 fen per share, from 790.4 million yuan, or 6 fen per share.

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