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Gansu Huangtai Wine-Marketing Industry swings to loss in Q3

Gansu Huangtai Wine-Marketing Industry Co. Ltd. said its third-quarter normalized net income came to a loss of 31 fen per share, compared with 3 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 56.2 million yuan, compared with income of 5.4 million yuan in the year-earlier period.

The normalized profit margin declined to negative 65.8% from 18.3% in the year-earlier period.

Total revenue rose on an annual basis to 85.5 million yuan from 29.7 million yuan, and total operating expenses increased on an annual basis to 99.1 million yuan from 17.8 million yuan.

Reported net income came to a loss of 89.5 million yuan, or a loss of 50 fen per share, compared to income of 7.9 million yuan, or 4 fen per share, in the prior-year period.

As of Oct. 26, US$1 was equivalent to 6.77 yuan.