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Shandong Jintai swings to loss in Q2

Shandong Jintai Group Co. Ltd. said its normalized net income for the second quarter came to a loss of 1.3 million yuan, compared with income of 3.8 million yuan in the prior-year period.

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

Total revenue fell 99.8% on an annual basis to 578,450 yuan from 344.4 million yuan, and total operating expenses decreased 99.2% on an annual basis to 2.8 million yuan from 337.3 million yuan.

Reported net income totaled a loss of 2.7 million yuan, or a loss of 2 fen per share, compared to income of 5.6 million yuan, or 4 fen per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 6.32 yuan.