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Shenzhen China Bicycle Q2 profit climbs 23.3% YOY

Shenzhen China Bicycle Co. (Holdings) Ltd. said its normalized net income for the second quarter came to 155,540 yuan, a gain of 23.3% from 126,150 yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.6% from 0.2% in the year-earlier period.

Total revenue declined 19.3% on an annual basis to 43.8 million yuan from 54.2 million yuan, and total operating expenses decreased 19.3% from the prior-year period to 43.5 million yuan from 54.0 million yuan.

Reported net income rose on an annual basis to 302,000 yuan, or 0 fen per share, from 143,840 yuan, or 0 fen per share.

As of Aug. 25, US$1 was equivalent to 6.66 yuan.