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China Weaving Materials H1 profit falls YOY

China Weaving Materials Holdings Ltd said its normalized net income for the first half was 2.3 million yuan, a decline of 67.1% from 7.0 million yuan in the year-earlier period.

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

Total revenue totaled 631.3 million yuan, compared with 627.4 million yuan in the year-earlier period, and total operating expenses rose from the prior-year period to 610.9 million yuan from 603.9 million yuan.

Reported net income fell 87.6% from the prior-year period to 1.5 million yuan, or 0 fen per share, from 12.0 million yuan, or 1 fen per share.

As of Sept. 23, US$1 was equivalent to 6.67 yuan.