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Shandong Oriental Ocean Sci-Tech Q2 profit climbs 17.4% YOY

Shandong Oriental Ocean Sci-Tech Co. Ltd. said its second-quarter normalized net income was 5 fen per share, an increase of 19.0% from 4 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 23.7 million yuan, a gain of 17.4% from 20.2 million yuan in the prior-year period.

The normalized profit margin rose to 10.9% from 10.8% in the year-earlier period.

Total revenue rose 21.1% year over year to 225.5 million yuan from 186.2 million yuan, and total operating expenses rose 17.5% year over year to 166.5 million yuan from 141.7 million yuan.

Reported net income grew 15.8% on an annual basis to 38.4 million yuan, or 8 fen per share, from 33.2 million yuan, or 7 fen per share.

As of July 9, US$1 was equivalent to 6.21 yuan.