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HaiNan Yedao (Group) swings to loss in Q2

HaiNan Yedao (Group) Co. Ltd. said its normalized net income for the second quarter amounted to a loss of 3.4 million yuan, compared with income of 19.5 million yuan in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 3.1% from 19.5% in the year-earlier period.

Total revenue fell 8.7% year over year to 91.5 million yuan from 100.2 million yuan, and total operating expenses decreased 11.7% year over year to 94.4 million yuan from 107.0 million yuan.

Reported net income decreased 97.4% year over year to 769,270 yuan, or 0 fen per share, from 30.1 million yuan, or 7 fen per share.

As of Aug. 6, US$1 was equivalent to 6.21 yuan.