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Hefei Meiling Q2 profit falls YOY

Hefei Meiling Co. Ltd. said its second-quarter normalized net income amounted to 8 fen per share, a decrease of 31.1% from 11 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 57.6 million yuan, a decline of 31.1% from 83.6 million yuan in the prior-year period.

The normalized profit margin declined to 1.6% from 2.2% in the year-earlier period.

Total revenue came to 3.74 billion yuan, compared with 3.73 billion yuan in the prior-year period, and total operating expenses totaled 3.66 billion yuan, compared with 3.64 billion yuan in the year-earlier period.

Reported net income declined 5.6% on an annual basis to 103.4 million yuan, or 14 fen per share, from 109.6 million yuan, or 14 fen per share.

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