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Coslight Technology swings to loss in H2

Coslight Technology International Group Ltd. said its second-half normalized net income was a loss of 4 fen per share, compared with 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 16.8 million yuan, compared with income of 9.6 million yuan in the year-earlier period.

Total revenue decreased on an annual basis to 2.41 billion yuan from 2.44 billion yuan, and total operating expenses came to 2.39 billion yuan, compared with 2.40 billion yuan in the prior-year period.

Reported net income totaled 13.9 million yuan, or 3 fen per share, compared to a loss of 14.9 million yuan, or a loss of 4 fen per share, in the prior-year period.

For the year, the company's normalized net income totaled 23 fen per share, an increase from 9 fen per share in the prior year.

Normalized net income was 90.6 million yuan, a gain from 35.8 million yuan in the prior year.

Full-year total revenue grew 17.8% year over year to 4.83 billion yuan from 4.10 billion yuan, and total operating expenses rose 14.8% year over year to 4.64 billion yuan from 4.04 billion yuan.

The company said reported net income increased year over year to 139.9 million yuan, or 35 fen per share, in the full year, from 5.2 million yuan, or 1 fen per share.

As of April 27, US$1 was equivalent to 6.89 yuan.