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Kairuide Holding Q3 loss narrows YOY

Kairuide Holding Co. Ltd. said its third-quarter normalized net income came to a loss of 1 fen per share, compared with a loss of 6 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 2.5 million yuan, compared with a loss of 10.5 million yuan in the prior-year period.

The normalized profit margin climbed to negative 42.6% from negative 80.7% in the year-earlier period.

Total revenue decreased 55.5% on an annual basis to 5.8 million yuan from 13.0 million yuan, and total operating expenses declined 62.0% on an annual basis to 6.0 million yuan from 15.8 million yuan.

Reported net income totaled a loss of 4.4 million yuan, or a loss of 3 fen per share, compared to a loss of 16.8 million yuan, or a loss of 10 fen per share, in the prior-year period.

As of Oct. 21, US$1 was equivalent to 6.77 yuan.