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Shanghai Beite Technology Q2 profit falls YOY

Shanghai Beite Technology Co. Ltd. said its normalized net income for the second quarter was 3 fen per share, a decrease of 36.4% from 4 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 7.4 million yuan, a decrease of 16.3% from 8.8 million yuan in the prior-year period.

The normalized profit margin dropped to 4.5% from 5.4% in the year-earlier period.

Total revenue increased 7.9% on an annual basis to 176.7 million yuan from 163.7 million yuan, and total operating expenses grew 10.4% on an annual basis to 157.9 million yuan from 143.0 million yuan.

Reported net income decreased on an annual basis to 11.1 million yuan, or 4 fen per share, from 11.5 million yuan, or 6 fen per share.

As of Aug. 18, US$1 was equivalent to 6.39 yuan.