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Echom swings to loss in Q2

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Echom swings to loss in Q2

Guangzhou Echom Sci.&Tech.Co.Ltd said its second-quarter normalized net income amounted to a loss of 51.4 million yuan, compared with income of 3.6 million yuan in the prior-year period.

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

The normalized profit margin fell to negative 4.4% from 0.5% in the year-earlier period.

Total revenue rose 44.3% year over year to 1.11 billion yuan from 766.4 million yuan, and total operating expenses rose 56.5% year over year to 1.18 billion yuan from 753.5 million yuan.

Reported net income totaled a loss of 64.3 million yuan, or a loss of 16 fen per share, compared to income of 5.1 million yuan, or 1 fen per share, in the year-earlier period.

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