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Zhejiang Red Dragonfly Footwear Q2 profit climbs 8.8% YOY

Zhejiang Red Dragonfly Footwear Co. Ltd. said its second-quarter normalized net income was 11 fen per share, a decline of 9.6% from 12 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 45.2 million yuan, an increase of 8.8% from 41.6 million yuan in the year-earlier period.

The normalized profit margin increased to 7.7% from 6.5% in the year-earlier period.

Total revenue declined 5.1% on an annual basis to 609.1 million yuan from 641.6 million yuan, and total operating expenses fell 6.1% on an annual basis to 546.3 million yuan from 581.6 million yuan.

Reported net income increased 13.5% on an annual basis to 68.0 million yuan, or 16 fen per share, from 59.9 million yuan, or 17 fen per share.

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