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WanXiang Doneed Q2 loss narrows YOY

WanXiang Doneed Co. Ltd. said its second-quarter normalized net income amounted to a loss of 1.2 million yuan, compared with a loss of 13.8 million 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 climbed to negative 4.6% from negative 22.2% in the year-earlier period.

Total revenue climbed 7.1% year over year to 66.6 million yuan from 62.2 million yuan, and total operating expenses decreased 16.2% year over year to 67.8 million yuan from 80.9 million yuan.

Reported net income came to 3.6 million yuan, or 2 fen per share, compared to a loss of 7.4 million yuan, or a loss of 3 fen per share, in the prior-year period.

As of Aug. 20, US$1 was equivalent to 6.39 yuan.