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Besunyen Holdings swings to loss in H2

Besunyen Holdings Co. Ltd. said its second-half normalized net income amounted to a loss of 2.9 million yuan, compared with income of 15.7 million yuan in the year-earlier period.

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

Total revenue increased 26.0% year over year to 314.9 million yuan from 249.9 million yuan, and total operating expenses climbed 40.0% year over year to 354.3 million yuan from 253.0 million yuan.

Reported net income grew 89.7% year over year to 52.9 million yuan, or 3 fen per share, from 27.9 million yuan, or 2 fen per share.

For the year, the company's normalized net income totaled 2 fen per share, a fall from 2 fen per share in the prior year.

Normalized net income was 26.7 million yuan, a decrease from 28.0 million yuan in the prior year.

Full-year total revenue increased 17.5% on an annual basis to 662.8 million yuan from 563.9 million yuan, and total operating expenses grew 17.3% year over year to 664.4 million yuan from 566.3 million yuan.

The company said reported net income increased year over year to 92.3 million yuan, or 6 fen per share, in the full year, from 45.0 million yuan, or 3 fen per share.

As of March 29, US$1 was equivalent to 6.51 yuan.