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Guangdong Tonze Electric Q2 profit falls YOY

Guangdong Tonze Electric Co. Ltd. said its normalized net income for the second quarter was 3 fen per share, a decline of 39.4% from 5 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 7.3 million yuan, a decrease of 18.0% from 8.9 million yuan in the prior-year period.

The normalized profit margin dropped to 8.0% from 9.9% in the year-earlier period.

Total revenue declined year over year to 88.1 million yuan from 89.1 million yuan, and total operating expenses grew on an annual basis to 76.3 million yuan from 74.8 million yuan.

Reported net income declined 8.8% year over year to 10.0 million yuan, or 4 fen per share, from 11.0 million yuan, or 6 fen per share.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.