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Zhejiang Prospect Q2 loss widens YOY

Zhejiang Prospect Company Ltd said its normalized net income for the second quarter came to a loss of 477,500 yuan, compared with a loss of 120,000 yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 3.3% from negative 0.9% in the year-earlier period.

Total revenue grew 10.1% year over year to 14.7 million yuan from 13.3 million yuan, and total operating expenses increased 15.8% on an annual basis to 15.7 million yuan from 13.5 million yuan.

Reported net income came to a loss of 764,000 yuan, or a loss of 1 fen per share, compared to a loss of 192,000 yuan, or a loss of 0 fen per share, in the prior-year period.

As of Aug. 10, US$1 was equivalent to 6.64 yuan.