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Zoneco Group swings to profit in Q3

Zoneco Group Co. Ltd. said its third-quarter normalized net income amounted to 19.0 million yuan, compared with a loss of 1.9 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 2.3% from negative 0.3% in the year-earlier period.

Total revenue rose 14.5% on an annual basis to 843.5 million yuan from 736.7 million yuan, and total operating expenses climbed 8.0% year over year to 797.3 million yuan from 738.1 million yuan.

Reported net income increased on an annual basis to 25.1 million yuan, or 4 fen per share, from 1.4 million yuan, or 0 fen per share.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.