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Baotou Huazi swings to profit in Q3

Baotou Huazi Industry Co. Ltd. said its normalized net income for the third quarter came to 2.2 million yuan, compared with a loss of 1.5 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 rose to 182.6% from negative 99.1% in the year-earlier period.

Total revenue fell 18.0% on an annual basis to 1.2 million yuan from 1.5 million yuan, and total operating expenses increased 29.3% year over year to 21.0 million yuan from 16.2 million yuan.

Reported net income came to 3.6 million yuan, or 1 fen per share, compared to a loss of 2.3 million yuan, or a loss of 0 fen per share, in the year-earlier period.

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