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Wenfeng Great World Chain Development Q2 profit climbs 7.0% YOY

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Wenfeng Great World Chain Development Q2 profit climbs 7.0% YOY

Wenfeng Great World Chain Development Corp. said its normalized net income for the second quarter came to 5 fen per share, a decline from 5 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 88.6 million yuan, a gain of 7.0% from 82.8 million yuan in the year-earlier period.

The normalized profit margin rose to 5.9% from 4.4% in the year-earlier period.

Total revenue declined 23.4% on an annual basis to 1.45 billion yuan from 1.89 billion yuan, and total operating expenses decreased 22.6% from the prior-year period to 1.35 billion yuan from 1.74 billion yuan.

Reported net income increased 10.8% on an annual basis to 95.5 million yuan, or 5 fen per share, from 86.2 million yuan, or 5 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.