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Xiake Color Spinning swings to loss in Q2

Jiangsu Xiake Environment-Friendly Dyed-Spun Stock Co. Ltd. said its normalized net income for the second quarter came to a loss of 1 fen per share, compared with 1 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 8.2 million yuan, compared with income of 4.2 million yuan in the prior-year period.

The normalized profit margin fell to negative 4.5% from 5.5% in the year-earlier period.

Total revenue grew year over year to 192.6 million yuan from 77.2 million yuan, and total operating expenses grew on an annual basis to 206.0 million yuan from 70.9 million yuan.

Reported net income came to a loss of 13.7 million yuan, or a loss of 2 fen per share, compared to income of 144.9 million yuan, or 35 fen per share, in the year-earlier period.

As of Aug. 23, US$1 was equivalent to 6.64 yuan.