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Wanhua Chemical Q3 profit falls YOY

Wanhua Chemical Group Co. Ltd. said its third-quarter normalized net income came to 7 fen per share, a decrease of 65.1% from 21 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 194.6 million yuan, a decline of 64.6% from 549.6 million yuan in the year-earlier period.

The normalized profit margin declined to 7.2% from 9.0% in the year-earlier period.

Total revenue fell 22.1% on an annual basis to 4.75 billion yuan from 6.10 billion yuan, and total operating expenses fell 19.1% on an annual basis to 3.91 billion yuan from 4.84 billion yuan.

Reported net income decreased 39.8% on an annual basis to 417.1 million yuan, or 16 fen per share, from 693.3 million yuan, or 27 fen per share.

As of Oct. 26, US$1 was equivalent to 6.35 yuan.