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Geeya Technology swings to profit in Q3

Geeya Technology Co. Ltd. said its normalized net income for the third quarter came to 1 fen per share, compared with a loss of 1 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 5.2 million yuan, compared with a loss of 4.1 million yuan in the year-earlier period.

The normalized profit margin increased to 0.4% from negative 5.5% in the year-earlier period.

Total revenue declined 28.5% year over year to 53.9 million yuan from 75.3 million yuan, and total operating expenses fell 41.2% on an annual basis to 46.5 million yuan from 79.1 million yuan.

Reported net income totaled 2.3 million yuan, or 1 fen per share, compared to a loss of 8.8 million yuan, or a loss of 3 fen per share, in the prior-year period.

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