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Jiugui Liquor swings to profit in Q2

Jiugui Liquor Co. Ltd. said its second-quarter normalized net income amounted to 5 fen per share, compared with a loss of 9 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 16.5 million yuan, compared with a loss of 28.7 million yuan in the year-earlier period.

The normalized profit margin increased to 11.2% from negative 29.5% in the year-earlier period.

Total revenue rose 49.7% on an annual basis to 145.4 million yuan from 97.2 million yuan, and total operating expenses decreased 14.2% on an annual basis to 124.1 million yuan from 144.6 million yuan.

Reported net income totaled 20.5 million yuan, or 6 fen per share, compared to a loss of 46.1 million yuan, or a loss of 14 fen per share, in the prior-year period.

As of Aug. 17, US$1 was equivalent to 6.40 yuan.