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Shenyang Jinbei Automotive Q3 loss widens YOY

Shenyang Jinbei Automotive Co. Ltd. said its third-quarter normalized net income amounted to a loss of 32.5 million yuan, compared with a loss of 11.2 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 dropped to negative 2.2% from negative 1.1% in the year-earlier period.

Total revenue increased 15.4% on an annual basis to 1.23 billion yuan from 1.06 billion yuan, and total operating expenses rose 8.9% year over year to 1.13 billion yuan from 1.04 billion yuan.

Reported net income came to a loss of 25.9 million yuan, or a loss of 2 fen per share, compared to a loss of 6.8 million yuan, or a loss of 1 fen per share, in the prior-year period.

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