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Chongqing Zongshen Power Machinery Q2 profit falls YOY

Chongqing Zongshen Power Machinery Co. Ltd. said its normalized net income for the second quarter came to 5 fen per share, a decrease of 22.8% from 6 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 53.0 million yuan, a decrease of 22.7% from 68.6 million yuan in the prior-year period.

The normalized profit margin dropped to 4.9% from 5.2% in the year-earlier period.

Total revenue decreased 11.6% year over year to 1.16 billion yuan from 1.31 billion yuan, and total operating expenses fell 9.6% on an annual basis to 1.06 billion yuan from 1.17 billion yuan.

Reported net income fell 21.5% from the prior-year period to 82.4 million yuan, or 7 fen per share, from 105.0 million yuan, or 9 fen per share.

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