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Zhejiang Busen Garments Q2 loss narrows YOY

Zhejiang Busen Garments Co. Ltd. said its second-quarter normalized net income was a loss of 4 fen per share, compared with a loss of 13 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 7.1 million yuan, compared with a loss of 17.6 million yuan in the year-earlier period.

The normalized profit margin climbed to negative 9.7% from negative 24.0% in the year-earlier period.

Total revenue fell 6.5% year over year to 68.7 million yuan from 73.5 million yuan, and total operating expenses fell 20.1% from the prior-year period to 79.7 million yuan from 99.7 million yuan.

Reported net income totaled a loss of 8.0 million yuan, or a loss of 4 fen per share, compared to a loss of 37.4 million yuan, or a loss of 26 fen per share, in the prior-year period.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.