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Luzhou Bio-chem Technology swings to loss in Q3

Luzhou Bio-chem Technology Ltd said its normalized net income for the third quarter amounted to a loss of 1.6 million yuan, compared with income of 4.5 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 0.3% from 0.7% in the year-earlier period.

Total revenue declined 22.3% year over year to 509.6 million yuan from 655.8 million yuan, and total operating expenses declined 21.2% year over year to 499.4 million yuan from 633.5 million yuan.

Reported net income totaled a loss of 3.7 million yuan, or a loss of 1 fen per share, compared to income of 5.2 million yuan, or 1 fen per share, in the year-earlier period.

As of Nov. 11, US$1 was equivalent to 6.81 yuan.