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Sichuan Jiuzhou Electronic Q2 profit falls YOY

Sichuan Jiuzhou Electronic Co. Ltd. said its normalized net income for the second quarter was 2 fen per share, a decline of 80.6% from 8 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 16.0 million yuan, a decline of 53.2% from 34.2 million yuan in the year-earlier period.

The normalized profit margin fell to 3.2% from 5.0% in the year-earlier period.

Total revenue rose 15.3% on an annual basis to 784.2 million yuan from 680.5 million yuan, and total operating expenses grew 18.8% from the prior-year period to 742.3 million yuan from 624.6 million yuan.

Reported net income fell 8.5% on an annual basis to 44.9 million yuan, or 4 fen per share, from 49.1 million yuan, or 12 fen per share.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.