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Zhejiang Hangmin Q2 profit climbs 13.0% YOY

Zhejiang Hangmin Co. Ltd said its normalized net income for the second quarter came to 15 fen per share, an increase of 12.3% from 14 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 97.7 million yuan, a gain of 13.0% from 86.5 million yuan in the prior-year period.

The normalized profit margin increased to 11.4% from 9.2% in the year-earlier period.

Total revenue decreased 7.0% on an annual basis to 876.4 million yuan from 942.0 million yuan, and total operating expenses decreased 11.9% on an annual basis to 684.4 million yuan from 776.5 million yuan.

Reported net income grew 17.6% on an annual basis to 135.2 million yuan, or 21 fen per share, from 115.0 million yuan, or 18 fen per share.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.