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Songcheng Performance Development Q2 profit climbs 41.6% YOY

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Songcheng Performance Development Q2 profit climbs 41.6% YOY

Songcheng Performance Development Co. Ltd. said its second-quarter normalized net income amounted to 11 fen per share, compared with the S&P Capital IQ consensus estimate of 12 fen per share.

EPS rose 45.6% year over year from 7 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 146.9 million yuan, a gain of 41.6% from 103.7 million yuan in the prior-year period.

The normalized profit margin climbed to 41.1% from 40.7% in the year-earlier period.

Total revenue climbed 40.7% year over year to 358.0 million yuan from 254.5 million yuan, and total operating expenses climbed 14.9% year over year to 121.7 million yuan from 105.9 million yuan.

Reported net income grew 47.4% year over year to 181.3 million yuan, or 13 fen per share, from 123.0 million yuan, or 9 fen per share.

As of Aug. 5, US$1 was equivalent to 6.21 yuan.