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Kangyue Technology swings to loss in Q2

Kangyue Technology Co. Ltd. said its normalized net income for the second quarter came to a loss of 3 fen per share, compared with 2 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 5.4 million yuan, compared with income of 3.5 million yuan in the year-earlier period.

The normalized profit margin fell to negative 1.2% from 6.7% in the year-earlier period.

Total revenue came to 51.3 million yuan, compared with 51.5 million yuan in the prior-year period, and total operating expenses climbed 26.9% from the prior-year period to 56.1 million yuan from 44.2 million yuan.

Reported net income fell 83.0% on an annual basis to 949,910 yuan, or 1 fen per share, from 5.6 million yuan, or 3 fen per share.

As of Aug. 12, US$1 was equivalent to 6.63 yuan.