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Fortune Ng Fung Food (Hebei) Q2 profit falls YOY

Fortune Ng Fung Food (Hebei) Co.Ltd said its second-quarter normalized net income came to 3 fen per share, a gain of 76.9% from 2 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 14.4 million yuan, a decrease of 16.0% from 17.1 million yuan in the prior-year period.

The normalized profit margin rose to 12.4% from 6.1% in the year-earlier period.

Total revenue declined 5.2% on an annual basis to 266.2 million yuan from 280.8 million yuan, and total operating expenses fell year over year to 241.4 million yuan from 248.5 million yuan.

Reported net income declined 10.7% year over year to 20.4 million yuan, or 4 fen per share, from 22.8 million yuan, or 2 fen per share.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.