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Xiamen Overseas Chinese Electronic Q3 profit falls YOY

Xiamen Overseas Chinese Electronic Co. Ltd. said its normalized net income for the third quarter amounted to 523,440 yuan, a decrease of 90.1% from 5.3 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.1% from 17.6% in the year-earlier period.

Total revenue rose on an annual basis to 142.7 million yuan from 30.2 million yuan, and total operating expenses grew on an annual basis to 142.3 million yuan from 31.1 million yuan.

Reported net income came to a loss of 313,850 yuan, or a loss of 0 fen per share, compared to income of 5.5 million yuan, or 1 fen per share, in the prior-year period.

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