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Giti Tire Q2 profit falls YOY

Giti Tire Corp. said its normalized net income for the second quarter came to 8 fen per share, a decrease of 41.9% from 13 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 26.1 million yuan, a decrease of 41.4% from 44.5 million yuan in the prior-year period.

The normalized profit margin dropped to 4.0% from 4.8% in the year-earlier period.

Total revenue declined 27.8% year over year to 675.0 million yuan from 935.1 million yuan, and total operating expenses fell 24.5% from the prior-year period to 573.0 million yuan from 758.6 million yuan.

Reported net income declined 43.4% from the prior-year period to 37.7 million yuan, or 11 fen per share, from 66.6 million yuan, or 19 fen per share.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.