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Iflytek Q2 profit falls YOY

Iflytek Co. Ltd. said its second-quarter normalized net income was 5.7 million yuan, a fall of 95.5% from 127.7 million yuan in the prior-year period.

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

The normalized profit margin fell to 0.5% from 15.4% in the year-earlier period.

Total revenue grew 50.3% on an annual basis to 1.25 billion yuan from 829.2 million yuan, and total operating expenses grew 51.7% year over year to 1.20 billion yuan from 788.9 million yuan.

Reported net income fell 82.0% from the prior-year period to 33.3 million yuan, or 2 fen per share, from 185.4 million yuan, or 16 fen per share.

As of Aug. 9, US$1 was equivalent to 6.68 yuan.