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Fujian Septwolves Industry Q2 loss narrows YOY

Fujian Septwolves Industry Co. Ltd. said its second-quarter normalized net income was a loss of 1.2 million yuan, compared with a loss of 12.5 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 increased to 0.8% from negative 2.5% in the year-earlier period.

Total revenue decreased 11.5% on an annual basis to 435.6 million yuan from 492.0 million yuan, and total operating expenses fell 13.9% on an annual basis to 493.7 million yuan from 573.3 million yuan.

Reported net income declined 6.3% from the prior-year period to 40.8 million yuan, or 5 fen per share, from 43.6 million yuan, or 6 fen per share.

As of Aug. 22, US$1 was equivalent to 6.64 yuan.