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Jiangsu Hongdou Industrial Q3 profit climbs 95.8% YOY

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Jiangsu Hongdou Industrial Q3 profit climbs 95.8% YOY

Jiangsu Hongdou Industrial Co. Ltd said its third-quarter normalized net income amounted to 2 fen per share, a gain of 59.4% from 1 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.5 million yuan, a gain of 95.8% from 15.1 million yuan in the prior-year period.

The normalized profit margin increased to 6.8% from 2.4% in the year-earlier period.

Total revenue fell 37.2% year over year to 402.8 million yuan from 641.0 million yuan, and total operating expenses decreased 40.7% year over year to 357.4 million yuan from 603.1 million yuan.

Reported net income increased 95.8% on an annual basis to 37.4 million yuan, or 2 fen per share, from 19.1 million yuan, or 1 fen per share.

As of Oct. 27, US$1 was equivalent to 6.78 yuan.