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Hainan HNA Infrastructure Investment swings to loss in Q2

Hainan HNA Infrastructure Investment Group Co. Ltd. said its normalized net income for the second quarter amounted to a loss of 1.0 million yuan, compared with income of 117.6 million yuan in the prior-year period.

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

The normalized profit margin rose to 36.3% from 2.9% in the year-earlier period.

Total revenue decreased 90.6% on an annual basis to 383.1 million yuan from 4.09 billion yuan, and total operating expenses decreased 89.8% year over year to 352.8 million yuan from 3.47 billion yuan.

Reported net income came to a loss of 839,510 yuan, or a loss of 0 fen per share, compared to income of 155.5 million yuan, or 3 fen per share, in the year-earlier period.

As of Aug. 5, US$1 was equivalent to 6.65 yuan.