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Gansu Mogao Industrial Development Co. swings to loss in Q2

Gansu Mogao Industrial Development Co. Ltd. said its second-quarter normalized net income amounted to a loss of 2.9 million yuan, compared with income of 3.7 million 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 declined to negative 7.2% from 5.7% in the year-earlier period.

Total revenue fell 46.5% on an annual basis to 35.0 million yuan from 65.4 million yuan, and total operating expenses declined 33.1% on an annual basis to 42.5 million yuan from 63.5 million yuan.

Reported net income totaled a loss of 3.7 million yuan, or a loss of 1 fen per share, compared to income of 1.7 million yuan, or 0 fen per share, in the prior-year period.

As of Aug. 22, US$1 was equivalent to 6.64 yuan.