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Ningxia Zhongyin Cashmere swings to loss in Q2

Ningxia Zhongyin Cashmere Co. Ltd. said its normalized net income for the second quarter amounted to a loss of 8 fen per share, compared with 6.15 yuan 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 139.9 million yuan, compared with income of 22.1 million yuan in the prior-year period.

The normalized profit margin declined to negative 21.7% from 2.6% in the year-earlier period.

Total revenue fell 32.3% year over year to 575.1 million yuan from 849.6 million yuan, and total operating expenses declined 18.2% year over year to 634.2 million yuan from 775.3 million yuan.

Reported net income came to a loss of 201.8 million yuan, or a loss of 11 fen per share, compared to income of 8.2 million yuan, or 2.28 yuan per share, in the year-earlier period.

As of Aug. 29, US$1 was equivalent to 6.68 yuan.