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China Zenix Auto International swings to loss in Q2

China Zenix Auto International Ltd. said its second-quarter normalized net income came to a loss of 19 fen per share, compared with 77 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 9.7 million yuan, compared with income of 40.5 million yuan in the prior-year period.

The normalized profit margin dropped to negative 1.5% from 4.2% in the year-earlier period.

Total revenue declined 31.5% on an annual basis to 657.4 million yuan from 959.7 million yuan, and total operating expenses fell 24.8% year over year to 670.9 million yuan from 892.6 million yuan.

Reported net income totaled a loss of 14.1 million yuan, or a loss of 27 fen per share, compared to income of 52.4 million yuan, or 1 yuan per share, in the prior-year period.

As of Aug. 19, US$1 was equivalent to 6.40 yuan.