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HB Global Q2 loss narrows YOY

HB Global Ltd. said its second-quarter normalized net income came to a loss of 1 fen per share, compared with a loss of 2 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 5.3 million yuan, compared with a loss of 11.5 million yuan in the year-earlier period.

The normalized profit margin increased to negative 16.3% from negative 22.9% in the year-earlier period.

Total revenue decreased 35.7% year over year to 32.3 million yuan from 50.2 million yuan, and total operating expenses fell 46.3% on an annual basis to 37.1 million yuan from 69.0 million yuan.

Reported net income totaled a loss of 8.4 million yuan, or a loss of 2 fen per share, compared to a loss of 18.7 million yuan, or a loss of 4 fen per share, in the prior-year period.

As of Aug. 30, US$1 was equivalent to 6.67 yuan.