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ZMFY Automobile Glass swings to loss in Q3

ZMFY Automobile Glass Services Ltd said its third-quarter normalized net income amounted to a loss of 4.8 million yuan, compared with income of 113,500 yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 14.5% from 0.3% in the year-earlier period.

Total revenue decreased 15.6% year over year to 33.0 million yuan from 39.1 million yuan, and total operating expenses rose 7.4% from the prior-year period to 41.5 million yuan from 38.6 million yuan.

Reported net income came to a loss of 7.5 million yuan, or a loss of 1 fen per share, compared to income of 243,000 yuan, or 0 fen per share, in the prior-year period.

As of Nov. 12, US$1 was equivalent to 6.37 yuan.