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Shanghai Electric Q3 profit falls YOY

Shanghai Electric Group Co. Ltd. said its normalized net income for the third quarter was 3 fen per share, a decline of 12.2% from 4 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 456.5 million yuan, a decrease of 14.0% from 531.0 million yuan in the prior-year period.

The normalized profit margin climbed to 2.6% from 2.5% in the year-earlier period.

Total revenue decreased 16.6% on an annual basis to 17.38 billion yuan from 20.85 billion yuan, and total operating expenses decreased 16.0% year over year to 16.14 billion yuan from 19.21 billion yuan.

Reported net income decreased 56.0% from the prior-year period to 314.9 million yuan, or 2 fen per share, from 716.0 million yuan, or 5 fen per share.

As of Oct. 30, US$1 was equivalent to 6.65 yuan.