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Kangyue Technology swings to profit in Q3

Kangyue Technology Co. Ltd. said its third-quarter normalized net income came to 760,380 yuan, compared with a loss of 4.8 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 rose to 1.3% from negative 12.5% in the year-earlier period.

Total revenue climbed 51.5% on an annual basis to 58.7 million yuan from 38.7 million yuan, and total operating expenses grew 27.6% on an annual basis to 57.0 million yuan from 44.7 million yuan.

Reported net income totaled 2.2 million yuan, or 1 fen per share, compared to a loss of 5.3 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of Oct. 21, US$1 was equivalent to 6.77 yuan.