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Wuhan Zhongnan Commercial Q2 profit climbs 60.6% YOY

Wuhan Zhongnan Commercial Group Co. Ltd. said its second-quarter normalized net income was 4 fen per share, an increase of 61.8% from 3 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 12.2 million yuan, an increase of 60.6% from 7.6 million yuan in the year-earlier period.

The normalized profit margin rose to 1.4% from 0.7% in the year-earlier period.

Total revenue declined 10.1% year over year to 936.0 million yuan from 1.04 billion yuan, and total operating expenses declined 11.7% on an annual basis to 892.8 million yuan from 1.01 billion yuan.

Reported net income grew 47.8% from the prior-year period to 17.4 million yuan, or 6 fen per share, from 11.8 million yuan, or 4 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.