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WanXiang Doneed swings to profit in Q2

WanXiang Doneed Co. Ltd. said its second-quarter normalized net income came to 5 fen per share, compared with a loss of 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 10.8 million yuan, compared with a loss of 3.1 million yuan in the prior-year period.

The normalized profit margin increased to 18.4% from negative 4.6% in the year-earlier period.

Total revenue decreased 16.7% year over year to 55.5 million yuan from 66.6 million yuan, and total operating expenses declined 26.2% year over year to 50.0 million yuan from 67.8 million yuan.

Reported net income rose on an annual basis to 18.1 million yuan, or 9 fen per share, from 3.6 million yuan, or 2 fen per share.

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