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Shanghai Shenhua Holdings Q3 loss widens 60.2% YOY

Shanghai Shenhua Holdings Co. Ltd. said its third-quarter normalized net income amounted to a loss of 3 fen per share, compared with a loss of 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 52.7 million yuan, compared with a loss of 32.9 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 2.9% from negative 2.3% in the year-earlier period.

Total revenue rose 24.3% on an annual basis to 1.81 billion yuan from 1.45 billion yuan, and total operating expenses grew 27.3% from the prior-year period to 1.87 billion yuan from 1.47 billion yuan.

Reported net income came to a loss of 87.3 million yuan, or a loss of 4 fen per share, compared to a loss of 52.1 million yuan, or a loss of 3 fen per share, in the year-earlier period.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.