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Ningbo Joyson Q2 profit climbs 13.3% YOY

Ningbo Joyson Electronic Corp. said its second-quarter normalized net income amounted to 14 fen per share, an increase of 5.1% from 13 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 96.5 million yuan, a gain of 13.3% from 85.2 million yuan in the year-earlier period.

The normalized profit margin fell to 2.6% from 4.2% in the year-earlier period.

Total revenue grew 85.7% on an annual basis to 3.79 billion yuan from 2.04 billion yuan, and total operating expenses rose 87.5% from the prior-year period to 3.51 billion yuan from 1.87 billion yuan.

Reported net income rose 29.3% from the prior-year period to 124.2 million yuan, or 18 fen per share, from 96.1 million yuan, or 15 fen per share.

As of Aug. 16, US$1 was equivalent to 6.63 yuan.