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Songz Automobile Air Conditioning Q2 profit falls YOY

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Songz Automobile Air Conditioning Q2 profit falls YOY

Songz Automobile Air Conditioning Co. Ltd. said its second-quarter normalized net income was 8 fen per share, a decline of 27.3% from 11 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 33.2 million yuan, a decline of 24.3% from 43.8 million yuan in the year-earlier period.

The normalized profit margin dropped to 5.3% from 6.1% in the year-earlier period.

Total revenue rose 10.0% year over year to 790.3 million yuan from 718.2 million yuan, and total operating expenses grew 12.6% year over year to 733.9 million yuan from 651.9 million yuan.

Reported net income decreased 9.8% on an annual basis to 55.6 million yuan, or 13 fen per share, from 61.6 million yuan, or 15 fen per share.

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