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Sichuan Changhong Electric Q2 loss widens 19.2% YOY

Sichuan Changhong Electric Co. Ltd. said its normalized net income for the second quarter amounted to a loss of 6 fen per share, compared with a loss of 5 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 291.7 million yuan, compared with a loss of 244.8 million yuan in the prior-year period.

The normalized profit margin increased to negative 1.4% from negative 1.7% in the year-earlier period.

Total revenue increased 9.2% on an annual basis to 16.14 billion yuan from 14.78 billion yuan, and total operating expenses climbed 7.8% from the prior-year period to 16.24 billion yuan from 15.07 billion yuan.

Reported net income came to a loss of 208.2 million yuan, or a loss of 4 fen per share, compared to a loss of 190.4 million yuan, or a loss of 4 fen per share, in the prior-year period.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.