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Nafine Chemical Industry Q2 loss narrows YOY

Nafine Chemical Industry Group Co.Ltd said its normalized net income for the second quarter came to a loss of 5 fen per share, compared with a loss of 5 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 25.9 million yuan, compared with a loss of 28.8 million yuan in the prior-year period.

The normalized profit margin rose to negative 4.1% from negative 5.0% in the year-earlier period.

Total revenue fell 7.4% on an annual basis to 532.5 million yuan from 575.1 million yuan, and total operating expenses decreased 6.7% from the prior-year period to 562.7 million yuan from 602.8 million yuan.

Reported net income came to a loss of 42.9 million yuan, or a loss of 8 fen per share, compared to a loss of 46.7 million yuan, or a loss of 9 fen per share, in the year-earlier period.

As of Aug. 9, US$1 was equivalent to 6.65 yuan.