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Gansu Mogao Industrial Development Co. Q3 profit falls YOY

Gansu Mogao Industrial Development Co. Ltd. said its third-quarter normalized net income amounted to 2 fen per share, a decrease from 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 5.5 million yuan, a decline of 16.3% from 6.6 million yuan in the year-earlier period.

The normalized profit margin dropped to 14.9% from 17.3% in the year-earlier period.

Total revenue grew on an annual basis to 39.7 million yuan from 38.3 million yuan, and total operating expenses rose 16.4% year over year to 41.0 million yuan from 35.2 million yuan.

Reported net income rose 28.2% from the prior-year period to 9.1 million yuan, or 3 fen per share, from 7.1 million yuan, or 2 fen per share.

As of Oct. 24, US$1 was equivalent to 6.77 yuan.