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Dalian Friendship swings to profit in Q3

Dalian Friendship (Group) Co. Ltd. said its normalized net income for the third quarter came to 16 fen per share, compared with a loss of 3 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 58.3 million yuan, compared with a loss of 10.6 million yuan in the year-earlier period.

The normalized profit margin climbed to 11.9% from negative 1.6% in the year-earlier period.

Total revenue declined 23.7% on an annual basis to 491.5 million yuan from 643.9 million yuan, and total operating expenses declined 17.7% from the prior-year period to 509.2 million yuan from 618.5 million yuan.

Reported net income totaled a loss of 162.0 million yuan, or a loss of 45 fen per share, compared to a loss of 18.0 million yuan, or a loss of 5 fen per share, in the prior-year period.

As of Oct. 28, US$1 was equivalent to 6.78 yuan.