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China Gaoxian Fibre Fabric Q3 loss widens 37.9% YOY

China Gaoxian Fibre Fabric Holdings Ltd. said its normalized net income for the third quarter was a loss of 49 fen per share, compared with a loss of 36 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 55.4 million yuan, compared with a loss of 40.2 million yuan in the prior-year period.

The normalized profit margin increased to negative 120.5% from negative 228.3% in the year-earlier period.

Total revenue climbed year over year to 46.0 million yuan from 17.6 million yuan, and total operating expenses increased 42.4% year over year to 69.9 million yuan from 49.1 million yuan.

Reported net income came to a loss of 88.7 million yuan, or a loss of 78 fen per share, compared to a loss of 64.4 million yuan, or a loss of 57 fen per share, in the year-earlier period.

As of Nov. 9, US$1 was equivalent to 6.36 yuan.