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Geeya Technology swings to profit in Q2

Geeya Technology Co. Ltd. said its normalized net income for the second quarter was 3.4 million yuan, compared with a loss of 27.5 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 rose to 9.2% from negative 102.7% in the year-earlier period.

Total revenue climbed 35.8% on an annual basis to 36.4 million yuan from 26.8 million yuan, and total operating expenses declined 50.2% on an annual basis to 32.1 million yuan from 64.4 million yuan.

Reported net income came to 4.8 million yuan, or 1 fen per share, compared to a loss of 93.3 million yuan, or a loss of 46 fen per share, in the prior-year period.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.