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V V Food & Beverage swings to profit in Q2

V V Food & Beverage Co.Ltd said its second-quarter normalized net income amounted to 43.5 million yuan, compared with a loss of 9.6 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 climbed to 3.3% from negative 0.8% in the year-earlier period.

Total revenue increased 13.7% on an annual basis to 1.32 billion yuan from 1.16 billion yuan, and total operating expenses came to 1.22 billion yuan, compared with 1.22 billion yuan in the year-earlier period.

Reported net income increased 18.3% on an annual basis to 48.6 million yuan, or 3 fen per share, from 41.1 million yuan, or 2 fen per share.

As of Aug. 26, US$1 was equivalent to 6.67 yuan.