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China Gaoxian Fibre Fabric Q2 loss widens 18.4% YOY

China Gaoxian Fibre Fabric Holdings Ltd. said its second-quarter normalized net income was a loss of 36 fen per share, compared with a loss of 30 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 40.6 million yuan, compared with a loss of 34.3 million yuan in the year-earlier period.

The normalized profit margin increased to negative 15.3% from negative 78.9% in the year-earlier period.

Total revenue climbed on an annual basis to 265.4 million yuan from 43.4 million yuan, and total operating expenses climbed from the prior-year period to 313.2 million yuan from 75.8 million yuan.

Reported net income totaled a loss of 64.9 million yuan, or a loss of 58 fen per share, compared to a loss of 54.8 million yuan, or a loss of 48 fen per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to 6.63 yuan.