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Inzone Group swings to loss in Q3

Inzone Group Co. Ltd. said its third-quarter normalized net income came to a loss of 4.7 million yuan, compared with income of 29.3 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 declined to negative 0.2% from 0.9% in the year-earlier period.

Total revenue declined 7.6% year over year to 2.93 billion yuan from 3.17 billion yuan, and total operating expenses decreased 5.6% on an annual basis to 2.89 billion yuan from 3.06 billion yuan.

Reported net income totaled a loss of 19.1 million yuan, or a loss of 4 fen per share, compared to income of 16.9 million yuan, or 3 fen per share, in the prior-year period.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.