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China Zenix Auto International swings to profit in Q2

China Zenix Auto International Ltd. said its normalized net income for the second quarter was 9 fen per share, compared with a loss of 19 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 5.5 million yuan, compared with a loss of 9.7 million yuan in the year-earlier period.

The normalized profit margin rose to 0.9% from negative 1.5% in the year-earlier period.

Total revenue decreased year over year to 639.5 million yuan from 657.4 million yuan, and total operating expenses declined 6.6% from the prior-year period to 626.4 million yuan from 670.9 million yuan.

Reported net income came to 4.6 million yuan, or 8 fen per share, compared to a loss of 14.1 million yuan, or a loss of 27 fen per share, in the year-earlier period.

As of Aug. 18, US$1 was equivalent to 6.63 yuan.