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Dalian Friendship swings to loss in Q2

Dalian Friendship (Group) Co. Ltd. said its normalized net income for the second quarter was a loss of 251,070 yuan, compared with income of 53,510 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 fell to negative 0.0% from 0.0% in the year-earlier period.

Total revenue fell 16.5% year over year to 500.8 million yuan from 599.7 million yuan, and total operating expenses decreased 15.1% on an annual basis to 496.3 million yuan from 584.8 million yuan.

Reported net income came to a loss of 7.6 million yuan, or a loss of 2 fen per share, compared to a loss of 107,080 yuan, or a loss of 0 fen per share, in the prior-year period.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.