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United Food Holdings Q2 loss narrows YOY

United Food Holdings Ltd said its normalized net income for the second quarter came to a loss of 27 fen per share, compared with a loss of 2.12 yuan per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 29.5 million yuan, compared with a loss of 233.0 million yuan in the year-earlier period.

The normalized profit margin declined to negative 39.4% from negative 23.5% in the year-earlier period.

Total revenue declined 92.4% year over year to 74.8 million yuan from 990.0 million yuan, and total operating expenses decreased 91.0% from the prior-year period to 122.4 million yuan from 1.37 billion yuan.

Reported net income totaled a loss of 47.2 million yuan, or a loss of 43 fen per share, compared to a loss of 562.6 million yuan, or a loss of 5.11 yuan per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to 6.67 yuan.