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Shenzhen Quanxinhao Q2 loss widens YOY

Shenzhen Quanxinhao Co. Ltd. said its normalized net income for the second quarter amounted to a loss of 6.3 million yuan, compared with a loss of 1.2 million yuan in the year-earlier period.

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

The normalized profit margin dropped to negative 79.6% from negative 3.9% in the year-earlier period.

Total revenue declined 70.9% on an annual basis to 8.9 million yuan from 30.7 million yuan, and total operating expenses declined 45.8% from the prior-year period to 18.8 million yuan from 34.7 million yuan.

Reported net income came to a loss of 34.3 million yuan, or a loss of 10 fen per share, compared to a loss of 2.6 million yuan, or a loss of 1 fen per share, in the year-earlier period.

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