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Luzhou Bio-chem Technology swings to loss in Q2

Luzhou Bio-chem Technology Ltd said its second-quarter normalized net income amounted to a loss of 1 fen per share, compared with 1 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 a loss of 6.7 million yuan, compared with income of 5.1 million yuan in the year-earlier period.

The normalized profit margin dropped to negative 1.7% from 0.7% in the year-earlier period.

Total revenue decreased 37.1% on an annual basis to 430.2 million yuan from 684.3 million yuan, and total operating expenses fell 35.0% on an annual basis to 428.4 million yuan from 659.0 million yuan.

Reported net income totaled a loss of 12.9 million yuan, or a loss of 2 fen per share, compared to income of 6.3 million yuan, or 2 fen per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 6.64 yuan.