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Linhai swings to loss in Q2

Linhai Co. Ltd. said its normalized net income for the second quarter was a loss of 366,430 yuan, compared with income of 516,260 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 dropped to negative 0.1% from 0.6% in the year-earlier period.

Total revenue increased 22.9% year over year to 111.0 million yuan from 90.3 million yuan, and total operating expenses grew 23.6% year over year to 112.6 million yuan from 91.1 million yuan.

Reported net income fell 92.4% on an annual basis to 67,650 yuan, or 0 fen per share, from 886,470 yuan, or 0 fen per share.

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