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China Gaoxian Fibre Fabric Q3 loss narrows YOY

China Gaoxian Fibre Fabric Holdings Ltd. said its third-quarter normalized net income amounted to a loss of 27 fen per share, compared with a loss of 49 fen 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 30.7 million yuan, compared with a loss of 55.4 million yuan in the year-earlier period.

The normalized profit margin climbed to negative 8.0% from negative 120.5% in the year-earlier period.

Total revenue grew on an annual basis to 382.9 million yuan from 46.0 million yuan, and total operating expenses increased year over year to 391.1 million yuan from 69.9 million yuan.

Reported net income totaled a loss of 49.2 million yuan, or a loss of 43 fen per share, compared to a loss of 88.7 million yuan, or a loss of 78 fen per share, in the year-earlier period.

As of Nov. 14, US$1 was equivalent to 6.85 yuan.