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Pingtan Marine Enterprise swings to loss in Q2

Pingtan Marine Enterprise Ltd. said its second-quarter normalized net income was a loss of $2.5 million, compared with income of $84,750 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 120.2% from 0.6% in the year-earlier period.

Total revenue fell 86.2% year over year to $2.1 million from $15.3 million, and total operating expenses decreased 58.3% year over year to $6.1 million from $14.7 million.

Reported net income totaled a loss of $4.2 million, or a loss of 5 cents per share, compared to a loss of $1.5 million, or a loss of 2 cents per share, in the prior-year period.