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Steyr Motors swings to loss in Q2

Steyr Motors Corp. said its normalized net income for the second quarter amounted to a loss of 2 fen per share, compared with 3 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 16.7 million yuan, compared with income of 19.0 million yuan in the prior-year period.

The normalized profit margin fell to negative 17.9% from 8.5% in the year-earlier period.

Total revenue fell 58.3% year over year to 93.3 million yuan from 223.5 million yuan, and total operating expenses fell 34.7% from the prior-year period to 126.9 million yuan from 194.3 million yuan.

Reported net income came to a loss of 22.5 million yuan, or a loss of 3 fen per share, compared to income of 25.4 million yuan, or 4 fen per share, in the prior-year period.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.