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Kandi Technologies Q2 profit falls YOY

Kandi Technologies Group Inc. said its second-quarter normalized net income amounted to 9 cents per share, a decline of 49.8% from 17 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.1 million, a decrease of 43.0% from $7.2 million in the prior-year period.

The normalized profit margin fell to 8.5% from 21.8% in the year-earlier period.

Total revenue climbed 45.5% year over year to $48.0 million from $33.0 million, and total operating expenses climbed 51.6% on an annual basis to $46.0 million from $30.3 million.

Reported net income declined 49.5% on an annual basis to $5.6 million, or 12 cents per share, from $11.1 million, or 27 cents per share.