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Lanzhou Sanmao Industrial Q2 loss widens YOY

Lanzhou Sanmao Industrial Co. Ltd. said its normalized net income for the second quarter came to a loss of 7 fen per share, compared with a loss of 2 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 12.1 million yuan, compared with a loss of 4.6 million yuan in the prior-year period.

The normalized profit margin fell to negative 19.0% from negative 8.5% in the year-earlier period.

Total revenue climbed 8.7% year over year to 58.9 million yuan from 54.2 million yuan, and total operating expenses climbed 12.8% from the prior-year period to 70.0 million yuan from 62.0 million yuan.

Reported net income totaled a loss of 17.9 million yuan, or a loss of 10 fen per share, compared to a loss of 7.3 million yuan, or a loss of 4 fen per share, in the year-earlier period.

As of July 29, US$1 was equivalent to 6.63 yuan.